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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001171200-09-000163.txt : 20090407
<SEC-HEADER>0001171200-09-000163.hdr.sgml : 20090407
<ACCEPTANCE-DATETIME>20090407115758
ACCESSION NUMBER:		0001171200-09-000163
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20090131
FILED AS OF DATE:		20090407
DATE AS OF CHANGE:		20090407
EFFECTIVENESS DATE:		20090407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIHOLDINGS INSURED FUND II, INC.
		CENTRAL INDEX KEY:			0001071899
		IRS NUMBER:				223636347
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-09191
		FILM NUMBER:		09736862

	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:	MUNIHOLDINGS INSURED FUND II INC
		DATE OF NAME CHANGE:	19981009
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>i00080_ncsrs-0001071899.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body>
        <hr style="MARGIN-TOP: -5px" width="100%" noshade size="4">
        <hr style="MARGIN-TOP: -10px" width="100%" noshade size="1">

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font size="4">UNITED STATES</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font size="4">SECURITIES AND EXCHANGE COMMISSION</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font size="3">Washington, D.C. 20549</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font size="5"><b>FORM N-CSRS</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font size="2"><b>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT<br>
                    COMPANIES</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Investment Company Act file number 811-09191</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Name of Fund:&nbsp;&nbsp;BlackRock MuniHoldings Insured Fund II, Inc. (MUE)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Fund Address:&nbsp;&nbsp;100 Bellevue Parkway, Wilmington, DE 19809</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.3in"><font size="2">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock MuniHoldings Insured Fund II, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Registrant&rsquo;s telephone number, including area code: (800) 882-0052, Option 4</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Date of fiscal year end: 07/31/2009</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Date of reporting period: 08/01/2008 &ndash; 01/31/2009</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="9%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="91%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 1 &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Report to Stockholders</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr style="MARGIN-TOP: -2px" width="100%" noshade size="1">
        <hr style="MARGIN-TOP: -10px" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

<!-- insert report here -->

        <p><font size="1">EQUITIES&nbsp;&nbsp;FIXED&nbsp;INCOME&nbsp;&nbsp;REAL&nbsp;ESTATE&nbsp;&nbsp;LIQUIDITY&nbsp;&nbsp;ALTERNATIVES&nbsp;&nbsp;BLACKROCK&nbsp;SOLUTIONS</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="30%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="4">Semi-Annual Report</font></p>
                </td>

                <td valign="top">
                    <p><font size="2"><img alt="(BLACKROCK LOGO)" src="img001.jpg"></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">JANUARY 31, 2009 | (UNAUDITED)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>

        <p><font size="3">BlackRock MuniHoldings Insured Fund II, Inc. (MUE) </font><br>
        <font size="3">BlackRock MuniYield California Insured Fund, Inc. (MCA) </font><br>
        <font size="3">BlackRock MuniYield Insured Fund, Inc. (MYI) </font><br>
        <font size="3">BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM) </font><br>
        <font size="3">BlackRock MuniYield New York Insured Fund, Inc. (MYN)</font></p>

        <p><font size="1">NOT FDIC INSURED <br>
        MAY LOSE VALUE <br>
        NO BANK GUARANTEE</font></p>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Table of Contents</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="93%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="6%">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>Page</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="top">
                    <p><a href="#A001"><font size="2">A Letter to Shareholders</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">3</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>Semi-Annual Report:</b></font></p>
                </td>

                <td valign="top">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="top">
                    <p><a href="#A002"><font size="2">Fund Summaries</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">4</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><a href="#A003"><font size="2">The Benefits and Risks of Leveraging</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">9</font></p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="top">
                    <p><a href="#A004"><font size="2">Derivative Instruments</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">9</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Financial Statements:</font></p>
                </td>

                <td valign="top">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="top">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#A005"><font size="2">Schedules of Investments</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">10</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#A006"><font size="2">Statements of Assets and Liabilities</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">36</font></p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="top">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#A007"><font size="2">Statements of Operations</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">38</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#A008"><font size="2">Statements of Changes in Net Assets</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">39</font></p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="top">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><a href="#A009"><font size="2">Statements of Cash Flows</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">44</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><a href="#A010"><font size="2">Financial Highlights</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">45</font></p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="top">
                    <p><a href="#A011"><font size="2">Notes to Financial Statements</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">50</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><a href="#A012"><font size="2">Officers and Directors</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">57</font></p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="top">
                    <p><a href="#A013"><font size="2">Additional Information</font></a></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">57</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">2</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3"><a name="A001"></a>A Letter to Shareholders</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2"><b>Dear Shareholder</b></font></p>

        <p><font size="2">The present time may well be remembered as one of the most tumultuous periods in financial market history. Over the past year, the bursting of the housing bubble and the resultant credit crisis swelled into an all-out global financial market meltdown that featured the collapse of storied financial firms, volatile swings in the world&rsquo;s financial markets and monumental government responses, including the nearly $800 billion economic stimulus plan signed into law
        just after period end.</font></p>

        <p><font size="2">The US economy appeared relatively resilient through the first few months of 2008, when rising food and energy prices fueled inflation fears. Mid-summer ushered in dramatic changes &mdash; inflationary pressure subsided amid a plunge in commodity prices, while economic pressures intensified in the midst of a rapid deterioration in consumer spending, employment and other key indicators. By year&rsquo;s end, the National Bureau of Economic Research affirmed that the
        United States was in a recession, which officially began in December 2007. The Federal Reserve Board (the &ldquo;Fed&rdquo;), after slashing interest rates aggressively early in the period, resumed that rate-cutting campaign in the fall, with the final reduction in December 2008 bringing the target federal funds rate to a record low range of between zero and 0.25%. Importantly, the central bank pledged that future policy moves to revive the global economy and financial markets would
        comprise primarily nontraditional and quantitative easing measures, such as capital injections, lending programs and government guarantees.</font></p>

        <p><font size="2">Against this backdrop, US equity markets experienced intense volatility, with the sentiment turning decisively negative toward period end. Declines were significant and broad-based, with little divergence among large- and small-cap stocks. Non-US stocks posted stronger results early on, but quickly lost ground as the credit crisis revealed itself to be global in scope and as the worldwide economic slowdown gathered pace. Overall, aggressive monetary and fiscal policy,
        combined with the defensiveness of the US, helped domestic equities notch better performance than their non-US counterparts.</font></p>

        <p><font size="2">In fixed income markets, risk aversion remained the popular theme, leading the Treasury sector to top all other asset classes. The high yield market was particularly hard hit in this environment, as economic turmoil, combined with frozen credit markets and substantial technical pressures, took a heavy toll. Meanwhile, the municipal bond market was challenged by a dearth of market participants, lack of liquidity, difficult funding environment and backlog of new-issue
        supply, which sent prices lower and yields well above Treasuries. By period end, however, some positive momentum had returned to the municipal space.</font></p>

        <p><font size="2">In all, an investor flight to safety prevailed, as evidenced in the six- and 12-month returns of the major benchmark indexes:</font></p>

        <table cellspacing="0" cellpadding="0" width="99%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Total Returns as of January 31, 2009</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right"><font size="1"><b>6-month</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right"><font size="1"><b>12-month</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">US equities (S&amp;P 500 Index)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(33.95</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(38.63</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Small cap US equities (Russell 2000 Index)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(37.38</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(36.84</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">International equities (MSCI Europe, Australasia, Far East Index)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(40.75</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(43.74</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">US Treasury securities (Merrill Lynch 10-Year US Treasury Index)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.96</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10.64</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Taxable fixed income (Barclays Capital US Aggregate Bond Index*)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.23</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2.59</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Tax-exempt fixed income (Barclays Capital Municipal Bond Index*)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.70</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(0.16</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index*)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(19.07</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(19.72</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">* Formerly a Lehman Brothers index.</font></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>
        </table>

        <p><font size="2">Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.</font></p>

        <p><font size="2">Through periods of market turbulence, as ever, BlackRock&rsquo;s full resources are dedicated to the management of our clients&rsquo; assets. For our most current views on the economy and financial markets, we invite you to visit <b>www.blackrock.com/funds.</b> 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>
            <font size="2">Sincerely,</font>
        </div>

        <div>
            <font size="2"><img alt="-s- Rob Kapito" src="img002.jpg"></font>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Rob Kapito</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">President, BlackRock Advisors, LLC</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font size="1">THIS PAGE NOT PART OF YOUR FUND REPORT</font></p>
                </td>

                <td valign="top">
                    <p align="left">&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">3</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="49%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Fund Summary<a name="A002"></a></font> <font size="2">as of January 31, 2009 (Unaudited)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniHoldings Insured Fund II, Inc.</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Investment Objective</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>BlackRock MuniHoldings Insured Fund II, Inc. (MUE) (the &ldquo;Fund&rdquo;)</b> seeks to provide shareholders with current income exempt from federal income taxes by investing primarily in a portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income taxes.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Performance</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">For the six months ended January 31, 2009, the Fund returned (6.66)% based on market price and (7.33)% based on net asset value (&ldquo;NAV&rdquo;). For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of (4.58)% on a market price basis and (6.20)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund&rsquo;s discount to NAV, which narrowed during the period, accounts for the
                    difference between performance based on price and performance based on NAV. Sector allocation played an important role in determining how the Fund performed during the reporting period. A positive contributor to performance was the Fund&rsquo;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. Conversely, spread products, such as health care, housing and
                    corporate-backed bonds, significantly underperformed as the economic downturn continued to add more stress on the fundamental credit quality for these sectors. The Fund&rsquo;s exposure to these issues detracted from results.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 0.5in"><font size="2">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>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Fund Information</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="60%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="24%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="16%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Symbol on New York Stock Exchange</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">MUE</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Initial Offering Date</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">February 26, 1999</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Yield on Closing Market Price as of January 31, 2009 ($10.23)<sup>1</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">5.87%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Tax Equivalent Yield<sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">9.03%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Current Monthly Distribution per share of Common Shares<sup>3</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">$0.05</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Current Annualized Distribution per share of Common Shares<sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$0.60</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Leverage as of January 31, 2009<sup>4</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">43%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="94%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Tax equivalent yield assumes the maximum federal tax rate of 35%.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">The distribution rate is not constant and is subject to change.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>4</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Represents Auction Market Preferred Shares (&ldquo;Preferred Shares&rdquo;) and tender option bond trusts (&ldquo;TOBs&rdquo;) as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page
                    9.</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">The table below summarizes the changes in the Fund&rsquo;s market price and NAV per share:</font></p>

        <table cellspacing="0" cellpadding="0" width="97%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="48%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="7%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="7%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="7%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="4%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Change</b></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>High</b></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Low</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Market Price</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$10.23</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$11.30</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">(9.47)%</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$11.55</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">$7.00</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Net Asset Value</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$11.54</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$12.84</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">(10.12)%</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$13.11</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">$9.70</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The following charts show the sector and credit quality allocations of the Fund&rsquo;s long-term investments:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="74%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Sector Allocations</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">County/City/Special District/School District</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">25</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">20</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Transportation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">25</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">24</font></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="2">Utilities &mdash; Electric &amp; Gas</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Hospitals/Health Care</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13</font></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="2">Housing</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Utilities &mdash; Water &amp; Sewer</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6</font></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="2">Education</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">IDA/PCR/Resource Recovery</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8</font></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="2">State</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Special Tax</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1</font></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="2">Lease Obligation</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="74%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Credit Quality Allocations<sup>5</sup></b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">AAA/Aaa</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">43</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">48</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">AA/Aa</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">45</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">45</font></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="2">A/A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">BBB/Baa</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="94%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>5</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Using the higher of Standard &amp; Poor&rsquo;s (&ldquo;S&amp;P&rsquo;s&rdquo;) or Moody&rsquo;s Investors Service (&ldquo;Moody&rsquo;s&rdquo;) ratings.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">4</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE><br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="49%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Fund Summary</font> <font size="2">as of January 31, 2009 (Unaudited)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield California Insured Fund, Inc.</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Investment Objective</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>BlackRock MuniYield California Insured Fund, Inc. (MCA) (the &ldquo;Fund&rdquo;)</b> seeks to provide shareholders with as high a level of current income exempt from federal and California income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from
                    federal and California income taxes.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Performance</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">For the six months ended January 31, 2009, the Fund returned (10.15)% based on market price and (4.81)% based on NAV. For the same period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (10.16)% on a market price basis and (6.34)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund&rsquo;s discount to NAV, which widened during the period, accounts for the difference between
                    performance based on price and performance based on NAV. A neutral duration posture and a relatively high cash equivalent reserve provided some cushion to the Fund&rsquo;s NAV, as tax-exempt rates generally rose. Relative to its Lipper peers, the Fund benefited from lower exposure to poorer-rated monoline insurers. Management&rsquo;s strategy is to pursue a balanced approach to returns, emphasizing income accrual and muting price volatility. Credit fundamentals warrant close
                    monitoring in the current weak economic environment, and management will improve quality as opportunities arise.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 0.5in"><font size="2">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>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Fund Information</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="60%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="24%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="16%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Symbol on New York Stock Exchange</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">MCA</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Initial Offering Date</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">October 30, 1992</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Yield on Closing Market Price as of January 31, 2009 ($10.74)<sup>1</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">5.98%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Tax Equivalent Yield<sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">9.20%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Current Monthly Distribution per share of Common Shares<sup>3</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">$0.0535</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Current Annualized Distribution per share of Common Shares<sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$0.6420</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Leverage as of January 31, 2009<sup>4</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">38%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="94%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Tax equivalent yield assumes the maximum federal tax rate of 35%.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">The distribution rate is not constant and is subject to change.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>4</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 9.</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">The table below summarizes the changes in the Fund&rsquo;s market price and NAV per share:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="49%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" width="6%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" width="4%">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Change</b></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>High</b></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Low</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Market Price</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$10.74</font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$12.33</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">(12.90)%</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">$12.54</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">6.95</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Net Asset Value</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$12.79</font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$13.86</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">(7.72)%</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">$14.17</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">10.46</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The following charts show the sector and credit quality allocations of the Fund&rsquo;s long-term investments:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="77%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Sector Allocations</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">County/City/Special District/School District</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">46</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">47</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Utilities &mdash; Water &amp; Sewer</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">22</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">17</font></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="2">Transportation</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">14</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Education</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8</font></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="2">State</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Utilities &mdash; Electric &amp; Gas</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3</font></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="2">Housing</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Hospitals/Health Care</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4</font></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="2">Utilities &mdash; Irrigation, Resource Recovery, Solid Waste &amp; Other</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Lease Obligations/COP</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="77%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Credit Quality Allocations<sup>5</sup></b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">AAA/Aaa</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">43</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">42</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">AA/Aa</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">49</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">46</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">A/A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Not Rated</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2"><sup>6</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="94%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>5</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Using the higher of S&amp;P&rsquo;s or Moody&rsquo;s ratings.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>6</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">The investment advisor has deemed certain of these non-rated securities to be investment grade quality. As of July 31, 2008, the market value of these securities was $6,574,300 representing 1% of the Fund&rsquo;s long-term investments.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">5</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE><br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="49%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td>
                    <p><font size="3">Fund Summary</font> <font size="2">as of January 31, 2009 (Unaudited)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Insured Fund, Inc.</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Investment Objective</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>BlackRock MuniYield Insured Fund, Inc. (MYI) (the &ldquo;Fund&rdquo;)</b> seeks to provide shareholders with as high a level of current income exempt from federal income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term, investment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal income
                    taxes.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Performance</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">For the six months ended January 31, 2009, the Fund returned (11.51)% based on market price and (10.04)% based on NAV. For the same period, the closed-end Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of (4.58)% on a market price basis and (6.20)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund&rsquo;s discount to NAV, which widened during the period, accounts for the difference between performance
                    based on price and performance based on NAV. The Fund benefited from its above-average yield, but its constructive positioning during a period of generally increasing yields hurt performance. Performance was also hindered by above-average exposure to the longer end of the yield curve, where yields rose, and by above-average exposure to select monoline insurers, whose credit difficulties decreased the value of insured bonds. Fund management worked to upgrade credit quality
                    and sell weaker credits during this very volatile and illiquid performance period.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 0.5in"><font size="2">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>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Fund Information</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="60%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="24%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="16%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Symbol on New York Stock Exchange</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">MYI</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Initial Offering Date</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">March 27, 1992</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Yield on Closing Market Price as of January 31, 2009 ($10.46)<sup>1</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6.42%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Tax Equivalent Yield<sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">9.88%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Current Monthly Distribution per share of Common Shares<sup>3</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">$0.056</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Current Annualized Distribution per share of Common Shares<sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$0.672</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Leverage as of January 31, 2009<sup>4</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">41%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="96%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Tax equivalent yield assumes the maximum federal tax rate of 35%.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">The distribution rate is not constant and is subject to change.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>4</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 9.</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">The table below summarizes the changes in the Fund&rsquo;s market price and NAV per share:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="51%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="6%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="6%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="7%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="6%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="7%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="1"><b>Change</b></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="1"><b>High</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="1"><b>Low</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Market Price</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$10.46</font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$12.22</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">(14.40)%</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$12.30</font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$7.07</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Net Asset Value</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$11.19</font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$12.86</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2">(12.99)%</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$13.22</font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$9.02</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The following charts show the sector and credit quality allocations of the Fund&rsquo;s long-term investments:</font></p>

        <table cellspacing="0" cellpadding="0" width="98%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Sector Allocations</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Transportation</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">33</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">County/City/Special District/School District</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">17</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">17</font></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="2">Hospitals/Health Care</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Utilities &mdash; Water &amp; Sewer</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></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="2">IDA/PCR/Resource Recovery</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Utilities &mdash; Electric &amp; Gas</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8</font></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="2">Housing</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Education</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8</font></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="2">State</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Utilities &mdash; Irrigation, Resource Recovery, Solid Waste &amp; Other</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2</font></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="2">Lease Obligations</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="98%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" width="3%">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" width="4%">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" width="3%">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" width="4%">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" width="4%">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" width="2%">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" width="1%">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Credit Quality Allocations<sup>5</sup></b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">AAA/Aaa</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">48</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">50</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">AA/Aa</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">37</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">37</font></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="2">A/A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">BBB/Baa</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="94%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>5</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Using the higher of S&amp;P&rsquo;s or Moody&rsquo;s ratings.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">6</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Fund Summary</font> <font size="2">as of January 31, 2009 (Unaudited)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Michigan Insured Fund II, Inc.</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Investment Objective</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>

        <div>
            <font size="2"><b>BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM) (the &ldquo;Fund&rdquo;)</b> seeks to provide shareholders with as high a level of current income exempt from federal and Michigan income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal and Michigan income
            taxes.</font>
        </div>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Performance</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>

        <div>
            <font size="2">For the six months ended January 31, 2009, the Fund returned (10.09)% based on market price and (3.46)% based on NAV. For the same period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (10.16)% on a market price basis and (6.34)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund&rsquo;s discount to NAV, which widened during the period, accounts for the difference between performance based on
            price and performance based on NAV. Fund performance was driven primarily by a rising yield (and correspondingly falling price) environment for intermediate and long-term municipals during the second half of 2008. Pre-refunded and escrowed issues were the best-performing municipal sectors for the period, and the Fund&rsquo;s high allocation to these areas had a positive influence on results.</font>
        </div>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Fund Information</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="77%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Symbol on New York Stock Exchange</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">MYM</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Initial Offering Date</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">February 28, 1992</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Yield on Closing Market Price as of January 31, 2009 ($10.12)<sup>1</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6.40%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Tax Equivalent Yield<sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">9.85%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Current Monthly Distribution per share of Common Shares<sup>3</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">$0.054</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Current Annualized Distribution per share of Common Shares<sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$0.648</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Leverage as of January 31, 2009<sup>4</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">39%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="90%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Tax equivalent yield assumes the maximum federal tax rate of 35%.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">The distribution rate is not constant and is subject to change.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>4</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 9.</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">The table below summarizes the changes in the Fund&rsquo;s market price and NAV per share:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="54%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="17">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right"><font size="1"><b>Change</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>High</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Low</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="17">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Market Price</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10.12</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.63</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(12.98</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)%</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.74</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7.00</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Net Asset Value</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12.37</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13.24</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(6.57</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)%</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13.54</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10.95</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The following charts show the sector and credit quality allocations of the Fund&rsquo;s long-term investments:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Sector Allocations</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="78%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">County/City/Special District/ School District</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">25</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Hospitals/Health Care</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">IDA/PCR/Resource Recovery</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Transportation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11</font></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="2">Utilities &mdash; Water &amp; Sewer</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Lease Obligation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6</font></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="2">Education</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Utilities &mdash; Electric &amp; Gas</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6</font></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="2">State</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Special Tax</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2</font></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="2">Housing</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Credit Quality Allocations<sup>5</sup></b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="78%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <hr align="center" width="100%" color="black" size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">AAA/Aaa</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">29</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">36</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">AA/Aa</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">47</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">50</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">A/A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">20</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">BBB/Baa</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3</font></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="2">Not Rated</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="90%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>5</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Using the higher of S&amp;P&rsquo;s or Moody&rsquo;s ratings.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p align="left"><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">7</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="48%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="52%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Fund Summary</font> <font size="2">as of January 31, 2009 (Unaudited)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield New York Insured Fund, Inc.</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Investment Objective</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>

        <div>
            <font size="2"><b>BlackRock MuniYield New York Insured Fund, Inc. (MYN) (the &ldquo;Fund&rdquo;)</b> seeks to provide shareholders with as high a level of current income exempt from federal income tax and New York State and New York City personal income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term municipal obligations the interest on which, in the opinion of bond counsel to the issuer, is
            exempt from federal income tax and New York State and New York City personal income taxes.</font>
        </div>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Performance</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>

        <div>
            <font size="2">For the six months ended January 31, 2009, the Fund returned (12.46)% based on market price and (7.06)% based on NAV. For the same period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (10.16)% on a market price basis and (6.34)% on a NAV basis. All returns reflect reinvestment of dividends. The Fund&rsquo;s discount to NAV, which widened during the period, accounts for the difference between performance based on
            price and performance based on NAV. Fund performance was positively influenced by its above-average distribution rate. The Fund&rsquo;s overweight in longer-maturity insured bonds with weaker underlying ratings detracted overall, but benefited performance toward the end of the period. These bonds significantly underperformed during the past year due to deteriorating credits and ratings of the mono-line insurers, but they began a turnaround in early 2009. Fortunately, management
            avoided selling these holdings when values were distressed, which would have locked in their underperformance.</font>
        </div>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Fund Information</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="77%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="80%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Symbol on New York Stock Exchange</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">MYN</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Initial Offering Date</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">February 28, 1992</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Yield on Closing Market Price as of January 31, 2009 ($10.00)<sup>1</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6.30%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Tax Equivalent Yield<sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">9.69%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Current Monthly Distribution per share of Common Shares<sup>3</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">$0.0525</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Current Annualized Distribution per share of Common Shares<sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="center"><font size="2">$0.6300</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="2">Leverage as of January 31, 2009<sup>4</sup></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">40%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="90%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Tax equivalent yield assumes the maximum federal tax rate of 35%.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">The distribution rate is not constant and is subject to change.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>4</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 9.</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">The table below summarizes the changes in the Fund&rsquo;s market price and NAV per share:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="53%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="17">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right"><font size="1"><b>Change</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>High</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Low</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="17">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Market Price</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10.00</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.80</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(15.25</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)%</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12.03</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6.64</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Net Asset Value</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.84</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13.16</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(10.03</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)%</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13.50</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9.94</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The following charts show the sector and credit quality allocations of the Fund&rsquo;s long-term investments:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Sector Allocations</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="78%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Transportation</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">26</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">29</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">County/City/Special District/ School District</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">25</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">25</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">IDA/PCR/Resource Recovery</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">State</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8</font></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="2">Utilities &mdash; Water &amp; Sewer</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Utilities &mdash; Electric &amp; Gas</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></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="2">Hospital/Health Care</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Education</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3</font></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="2">Special Tax</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Housing</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2</font></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="2">Tobacco</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Utility</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Credit Quality Allocations<sup>5</sup></b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="78%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>1/31/09</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>7/31/08</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">AAA/Aaa</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">43</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">47</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">AA/Aa</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">32</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">39</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">A/A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">21</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">BBB/Baa</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4</font></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="2">Not Rated</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2"><sup>6</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="90%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>5</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Using the higher of S&amp;P&rsquo;s or Moody&rsquo;s ratings.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>6</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">The investment advisor has deemed certain of these non-rated securities to be investment grade quality. As of July 31, 2008, the market value of these securities was $4,624,822 representing 1% of the Fund&rsquo;s long-term investments.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">8</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><a name="A003"></a><font size="3">The Benefits and Risks of Leveraging</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">The Funds may utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.</font></p>

        <p><font size="2">To leverage, the Funds issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the cost of assets to be obtained from leverage will be based on short-term interest rates, which normally will be lower than the income earned by each Fund on its longer-term portfolio investments. To the extent that the total assets of the
        Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Fund&rsquo;s Common Shareholders will benefit from the incremental yield.</font></p>

        <p><font size="2">To illustrate these concepts, assume a Fund&rsquo;s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Fund pays dividends on the $50 million of Preferred Shares based on the
        lower short-term interest rates. At the same time, the Fund&rsquo;s total portfolio of $150 million earns the income based on long-term interest rates. In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the Fund&rsquo;s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental yield.</font></p>

        <p><font size="2">Conversely, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Fund pays dividends on the higher short-term interest rates whereas the Fund&rsquo;s total portfolio earns income based on lower long-term interest rates. If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental yield pickup on the Common Shares will
        be reduced or eliminated completely.</font></p>

        <p><font size="2">Furthermore, the value of the Fund&rsquo;s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Fund&rsquo;s Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Fund&rsquo;s NAV positively or negatively in addition to the impact on Fund
        performance from leverage from Preferred Shares discussed above.</font></p>

        <p><font size="2">The Funds may also, from time to time, leverage their assets through the use of tender option bond (&ldquo;TOB&rdquo;) programs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Funds with economic benefits in periods of declining short-term interest rates, but expose the Funds to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Funds, as
        described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect the Funds&rsquo; NAV per share.</font></p>

        <p><font size="2">The use of leverage may enhance opportunities for increased returns to the Funds and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Funds&rsquo; NAV, market price and dividend rate than a comparable portfolio without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the
        Funds&rsquo; net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, the Funds&rsquo; net income will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders will be reduced. The Funds may be required to sell portfolio securities at inopportune times or below fair market values in order to comply with regulatory
        requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Funds to incur losses. The use of leverage may limit the Funds&rsquo; ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate preferred shares issued by a Fund. The Funds will incur expenses in connection with the use of leverage, all of which are
        borne by the holders of the Common Shares and may reduce returns on the Common Shares.</font></p>

        <p><font size="2">Under the Investment Company Act of 1940, the Funds are permitted to issue Preferred Shares in an amount up to 50% of their total managed assets at the time of issuance. Under normal circumstances, each Fund anticipates that the total economic leverage from Preferred Shares and TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of January 31, 2009, the Funds had economic leverage from Preferred Shares and TOBs as a percentage
        of their total managed assets as follows: </font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="86%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Percent of<br>
                    Leverage</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">43</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">BlackRock MuniYield California Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">38</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">BlackRock MuniYield Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">41</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">BlackRock MuniYield Michigan Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">39</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">BlackRock MuniYield New York Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">40</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b><a name="A004"></a>Derivative Instruments</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>

        <div>
            <font size="2">The Funds may invest in various derivative instruments, including swap agreements and futures, and other instruments specified in the Notes to Financial Statements, which constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a
            derivative instrument and the underlying asset, possible default of the other party to the transaction and illiquidity of the derivative instrument. A Fund&rsquo;s ability to successfully use a derivative instrument depends on the Advisor&rsquo;s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require a Fund to sell or purchase portfolio securities at
            inopportune times or for prices other than current market values, may limit the amount of appreciation a Fund can realize on an investment or may cause a Fund to hold a security that it might otherwise sell. The Funds&rsquo; investments in these instruments are discussed in detail in the Notes to Financial Statements.</font>
        </div>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">9</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="52%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="47%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments<a name="A005"></a></font>&nbsp;<font size="2">January 31, 2009 (Unaudited)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniHoldings Insured Fund II, Inc. (MUE)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Alabama &mdash; 0.9%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Jefferson County, Alabama, Limited Obligation School Warrants, Series A, 5.50%, 1/01/22</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,580</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,367,311</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Alaska &mdash; 0.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Anchorage, Alaska, Water Revenue Refunding Bonds, 6%, 9/01/24 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,630</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,672,331</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Arkansas &mdash; 4.5%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Arkansas State Development Finance Authority, M/F Mortgage Revenue Refunding Bonds, Series C, 5.35%, 12/01/35 (b)(c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,215</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,597,776</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California &mdash; 13.8%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">California State, Veterans, GO, Refunding, AMT, Series BZ, 5.35%, 12/01/21 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,350</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,800,126</font></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="2">Dixon, California, Unified School District, GO (Election of 2002), 5.20%, 8/01/44 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,405</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,270,440</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Eastern Municipal Water District, California, Water and Sewer, COP, Series H, 5%, 7/01/35</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,175</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,106,063</font></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="2">Modesto, California, Schools Infrastructure Financing Agency, Special Tax Bonds, 5.50%, 9/01/36 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,240</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,289,562</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Port of Oakland, California, Revenue Bonds, AMT, Series K, 5.75%, 11/01/21 (b)(e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,940,570</font></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="2">Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375%, 11/01/27 (b)(e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,236,600</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Roseville, California, Joint Union High School District, GO (Election of 2004), Series A, 5%, 8/01/29 (b)(e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,985</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,913,927</font></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="2">Sacramento, California, City Financing Authority, Capital Improvement Revenue Bonds, 5%, 12/01/27 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">150</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">145,713</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Diego, California, Community College District, GO (Election of 2002), 5%, 5/01/30 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,485</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,456,310</font></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="2">San Francisco, California, City and County Airport Commission, International Airport, Special Facilities Lease Revenue Bonds (SFO Fuel Company LLC), AMT, Series A, 6.10%, 1/01/20 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,257,550</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</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 align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California (concluded)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Stockton, California, Public Financing Revenue Bonds (Redevelopment Projects), Series A (f):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 9/01/31</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">495</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">385,298</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 9/01/34</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,930</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,227,445</font></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="2">Vista, California, COP (Community Projects), 5%, 5/01/37 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,400</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,447,764</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">35,477,368</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Colorado &mdash; 4.4%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Aurora, Colorado, COP, 5.75%, 12/01/10 (a)(g)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,285</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,838,269</font></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="2">Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2, 7.50%, 4/01/31</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">190</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">204,225</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Colorado Health Facilities Authority, Hospital Revenue Refunding Bonds (Poudre Valley Health Care), Series A, 5.75%, 12/01/09 (d)(g)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,208,640</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,251,134</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>District of Columbia &mdash; 1.5%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">District of Columbia, Deed Tax Revenue Bonds (Housing Production Trust Fund &mdash; New Communities Project), Series A, 5%, 6/01/32 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,159,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">District of Columbia, Water and Sewer Authority, Public Utility Revenue Refunding Bonds, Senior Lien, Series A, 6%, 10/01/35 (r)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,700</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,778,506</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,938,406</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Florida &mdash; 27.0%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Broward County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series E, 5.90%, 10/01/39 (h)(i)(j)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,310</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,332,615</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Broward County, Florida, School Board, COP, Series A, 5.25%, 7/01/33 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,600</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,290,824</font></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="2">Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project), Series B, 5.15%, 9/01/25</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,200</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,187,088</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds (Baptist Medical Center Project), 5%, 8/15/37 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,740</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,783,723</font></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="2">Jacksonville, Florida, Port Authority Revenue Bonds, AMT, 6%, 11/01/38 (k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,710,562</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Portfolio Abbreviations</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <div>
            <font size="2">To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the list on the right.</font>
        </div>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="12%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="88%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>AMT</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Alternative Minimum Tax (subject to)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>CABS</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Capital Appreciation Bonds</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>COP</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Certificates of Participation</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>DRIVERS</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Derivative Inverse Tax-Exempt Receipts</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>EDA</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Economic Development Authority</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>GAN</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Grant Anticipation Notes</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>GO</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">General Obligation Bonds</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>HDA</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Housing Development Authority</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>HFA</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Housing Finance Agency</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>IDA</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Industrial Development Authority</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>IDR</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Industrial Development Revenue Bonds</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>M/F</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Multi-Family</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>PCR</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Pollution Control Revenue Bonds</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>S/F</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Single-Family</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>VRDN</b></font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Variable Rate Demand Notes</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">10</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniHoldings Insured Fund II, Inc. (MUE)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Florida (concluded)</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series A, 5%, 4/01/32 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,665,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Miami, Florida, Special Obligation Revenue Bonds (Street and Sidewalk Improvement Program), 5%, 1/01/37 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,900</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,491,854</font></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="2">Miami-Dade County, Florida, Aviation Revenue Bonds, AMT, Series A, 5%, 10/01/33 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,730</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,385,144</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, Series A (d):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 10/01/41</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,800</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,154,402</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.50%, 10/01/41</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,700</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,636,375</font></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="2">Miami-Dade County, Florida, School Board, COP, Refunding, Series B, 5.25%, 5/01/31 (k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,600</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,431,700</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.24%, 10/01/37 (b)(l)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,670</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">476,109</font></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="2">Orlando, Florida, Senior Tourist Development Tax Revenue Bonds (6th Cent Contract Payments), Series A, 5.25%, 11/01/38 (k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,732,320</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Pasco County, Florida, Half-Cent Sales Tax Revenue Bonds, 5.125%, 12/01/28 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,300</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,189,184</font></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="2">Saint Johns County, Florida, Water and Sewer Revenue Bonds, CABS, 5.36%, 6/01/31 (a)(l)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,065</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,276,127</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Seminole County, Florida, Water and Sewer Revenue Bonds, 5%, 10/01/31</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,250</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,948,438</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">69,692,365</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Idaho &mdash; 0.1%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Idaho Housing and Finance Association, S/F Mortgage Revenue Bonds, AMT, Series E, 6%, 1/01/32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">330</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">323,512</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Illinois &mdash; 3.2%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Chicago, Illinois, O&rsquo;Hare International Airport, General Airport Revenue Refunding Bonds, Third Lien, Series A (b):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">AMT, 5.75%, 1/01/19</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,125</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,149,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 1/01/31</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,430</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,274,387</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Chicago, Illinois, Transit Authority, Capital Grant Receipts Revenue Bonds (Federal Transit Administration Section 5309 Formula Funds), Series A, 6%, 6/01/26 (k)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,400</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,721,130</font></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="2">Lake, Cook, Kane and McHenry Counties, Illinois, Community Unit School District Number 220, GO, 6%, 12/01/20 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">125</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">132,683</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,277,200</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Indiana &mdash; 5.5%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series A (b):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 1/01/37</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,099,680</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 1/01/42</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,969,600</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">14,069,280</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</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 align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Kansas &mdash; 2.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Kansas State Development Finance Authority, Health Facilities Revenue Bonds (Sisters of Charity Leavenworth), Series J, 6.125%, 12/01/20</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,510</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,592,555</font></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="2">Sedgwick and Shawnee Counties, Kansas, S/F Mortgage Revenue Bonds, AMT, Series A-2, 6.20%, 12/01/33 (h)(j)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,286,518</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,879,073</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Kentucky &mdash; 0.4%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Kentucky Economic Development Financing Authority, Louisville Arena Project Revenue Bonds (Louisville Arena Authority, Inc.), Sub-Series A-1, 6%, 12/01/38 (k)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,150</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,143,560</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Michigan &mdash; 8.6%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Detroit, Michigan, Sewer Disposal Revenue Refunding Bonds, Senior Lien, Series B, 5.25%, 7/01/22</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,235</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,026,012</font></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="2">Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Mercy-Mount Clemens), Series A, 6%, 5/15/09 (b)(g)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,025,260</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit Edison Company Pollution Control Project), AMT (m):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series A, 5.50%, 6/01/30</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,626,380</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series C, 5.65%, 9/01/29</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,178,900</font></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="2">Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds (William Beaumont Hospital), 8.25%, 9/01/39</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,115</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,182,782</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Saint Clair County, Michigan, Economic Revenue Refunding Bonds (Detroit Edison Co. Project), Series AA, 6.40%, 8/01/24 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,067,620</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">22,106,954</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Minnesota &mdash; 6.1%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Minneapolis, Minnesota, Health Care System, Revenue Refunding Bonds (Fairview Health Services), Series B, 6.50%, 11/15/38 (k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,975</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,086,035</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Prior Lake, Minnesota, Independent School District Number 719, GO (d):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.50%, 2/01/16</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,555</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,648,053</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.50%, 2/01/17</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,830</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,896,649</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.50%, 2/01/18</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,570</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,700,019</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.50%, 2/01/19</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,840</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,943,433</font></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="2">Sauk Rapids, Minnesota, Independent School District Number 47, GO, Series A, 5.625%, 2/01/18 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,185</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,332,619</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,606,808</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Nevada &mdash; 4.6%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Clark County, Nevada, Airport Revenue Bonds (Jet Aviation Fuel Tax), AMT, Series C, 5.375%, 7/01/20 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,200</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,163,124</font></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="2">Clark County, Nevada, Water Reclamation District, Limited Tax, GO, 6%, 7/01/38</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,597,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">11</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="40%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="60%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniHoldings Insured Fund II, Inc. (MUE)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Nevada (concluded)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Nevada Housing Division, S/F Mortgage Revenue Bonds, AMT, Series A-2, 6.30%, 4/01/22 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">95</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">96,568</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,856,692</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>New Jersey &mdash; 5.2%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New Jersey EDA, Motor Vehicle Surcharge Revenue Bonds, Series A,<br>
                    5.25%, 7/01/33 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,296,220</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds, Series A, 5.625%, 12/15/28</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,930</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,043,391</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,339,611</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>New York &mdash; 1.6%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City Transitional Finance Authority, Building Aid Revenue Bonds, Series S-3, 5.25%, 1/15/39</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,300</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,193,280</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Tobacco Settlement Financing Corporation of New York Revenue Bonds, Series<br>
                    A-1, 5.25%, 6/01/21 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,024,580</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,217,860</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>North Carolina &mdash; 0.5%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">North Carolina HFA, Home Ownership Revenue Bonds, AMT, Series 14-A, 5.35%, 1/01/22 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,235</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,236,606</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Ohio &mdash; 1.1%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Aurora, Ohio, City School District, COP, 6.10%, 12/01/09 (b)(g)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,745</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,844,151</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Kent State University, Ohio, University Revenue Bonds, 6%, 5/01/24 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,031,780</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,875,931</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Oklahoma &mdash; 1.1%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Claremore, Oklahoma, Public Works Authority, Capital Improvement Revenue Refunding Bonds, Series A, 5.25%, 6/01/14 (d)(g)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,385</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,833,141</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Pennsylvania &mdash; 0.1%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Washington County, Pennsylvania, Capital Funding Authority Revenue Bonds (Capital Projects and Equipment Program), 6.15%, 12/01/29 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">305</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">248,450</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Rhode Island &mdash; 4.0%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Providence, Rhode Island, Redevelopment Agency Revenue Refunding Bonds (Public Safety and Municipal Buildings), Series A, 5.75%, 4/01/10 (a)(g)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,555</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,940,295</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Rhode Island State Health and Educational Building Corporation Revenue Bonds (Rhode Island School of Design), Series D, 5.50%, 8/15/31 (m)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,685</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,447,283</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,387,578</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>South Carolina &mdash; 6.0%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding Bonds, AMT, Series A-2, 6.35%, 7/01/19 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,225</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,237,189</font></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="2">South Carolina State Public Service Authority, Revenue Refunding Bonds, Series A, 5%, 1/01/42 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">14,346,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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"><font size="2">15,584,089</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Texas &mdash; 14.6%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT, Series B, 6%, 11/01/23 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,300</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,300,533</font></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="2">Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A (b)(e):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.875%, 11/01/17</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,835</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,888,252</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.875%, 11/01/18</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,150</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,199,471</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.875%, 11/01/19</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,390</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,434,836</font></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="2">El Paso, Texas, Water and Sewer Revenue Refunding and Improvement Bonds, Series A (d):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6%, 3/01/15</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">115</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">128,058</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6%, 3/01/16</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">170</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">189,303</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6%, 3/01/17</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">180</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">200,439</font></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="2">Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue Refunding Bonds (Memorial Hermann Healthcare System), Series B, 7.25%, 12/01/35</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,044,150</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">North Texas Tollway Authority, System Revenue Refunding Bonds (b):</font></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: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">First Tier, 5.75%, 1/01/40</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">14,750</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,898,483</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">First Tier, Series B, 5.75%, 1/01/40</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">942,270</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5.625%, 1/01/33</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,975</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,401,995</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Tarrant County, Texas, Cultural Education Facilities Financing Corporation, Revenue Refunding Bonds (CHRISTUS Health), Series A, 6.50%, 7/01/37 (k)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,135,810</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">37,763,600</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Virginia &mdash; 0.9%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Virginia State Public School Authority, Special Obligation School Financing Bonds (Fluvanna County), 6.50%, 12/01/35</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,195</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,423,039</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Washington &mdash; 1.9%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue Bonds (Chelan Hydro System), AMT, Series A, 5.45%, 7/01/37 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,840</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,142,041</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Lewis County, Washington, GO, Refunding, 5.75%, 12/01/24 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,640</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,676,752</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,818,793</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Wisconsin &mdash; 0.4%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Blood Center of Southeastern Wisconsin Project), 5.75%, 6/01/34</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,065,700</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Municipal Bonds &mdash; 121.0%</b></font></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"><font size="2">312,054,168</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">12</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="40%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="60%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniHoldings Insured Fund II, Inc. (MUE)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds Transferred to<br>
                    Tender Option Bond Trusts (n)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California &mdash; 9.0%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Palomar Pomerado Health Care District, California, GO (Election of 2004), Series A, 5.125%, 8/01/37 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,360</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,224,723</font></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="2">San Jose, California, GO (Libraries, Parks and Public Safety Projects), 5%, 9/01/30 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,805</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,740,950</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Sequoia, California, Unified High School District, GO, Refunding, Series B, 5.50%, 7/01/35 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,189</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,258,095</font></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="2">Tustin, California, Unified School District, Senior Lien Special Tax Bonds (Community Facilities District Number 97-1), Series A (d):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 9/01/32</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,920</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,702,810</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 9/01/38</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,620</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,202,814</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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"><font size="2">23,129,392</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Colorado &mdash; 3.1%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Colorado Health Facilities Authority Revenue Bonds (Catholic Health), Series C-3, 5.10%, 10/01/41 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,410</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,118,666</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Florida &mdash; 4.2%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT, Series A-2, 6%, 9/01/40 (h)(i)(j)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,807,665</font></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="2">Saint Petersburg, Florida, Public Utilities Revenue Refunding Bonds, 5%, 10/01/35 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,493</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,084,395</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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"><font size="2">10,892,060</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Georgia &mdash; 2.5%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Augusta, Georgia, Water and Sewer Revenue Bonds, 5.25%, 10/01/34 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,290</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,326,230</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Illinois &mdash; 6.9%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Chicago, Illinois, O&rsquo;Hare International Airport, General Airport Revenue Refunding Bonds, Third Lien, AMT, Series A, 5%, 1/01/38 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,851,300</font></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="2">Chicago, Illinois, Water Revenue Refunding Bonds, Second Lien, 5.25%, 11/01/33 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,969</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,957,493</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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"><font size="2">17,808,793</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Massachusetts &mdash; 4.0%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Massachusetts Bay Transportation Authority, Sales Tax Revenue Refunding Bonds, Senior Series A, 5%, 7/01/35</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,535</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,392,252</font></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="2">Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, Series A, 5%, 8/15/30 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,994</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,004,932</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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"><font size="2">10,397,184</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds Transferred to<br>
                    Tender Option Bond Trusts (n)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>New York &mdash; 2.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5.25%, 10/15/27 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,750</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,936,908</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Washington &mdash; 2.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Bellevue, Washington, GO, Refunding, 5.50%, 12/01/39 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,883</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,948,521</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2"><b>Total Municipal Bonds Transferred to<br>
                    Tender Option Bond Trusts &mdash; 35.1%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">90,557,754</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Total Long-Term Investments<br>
                    (Cost &mdash; $431,166,890) &mdash; 156.1%</b></font></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"><font size="2">402,611,922</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Short-Term Securities</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California &mdash; 1.9%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds, Proposition C, VRDN, Second Senior Series A, 6%, 2/05/09 (b)(o)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Florida &mdash; 4.0%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Baptist Medical Center Project), VRDN, 0.40%, 2/02/09 (o)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,300</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,300,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Illinois &mdash; 1.4%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Illinois State Finance Authority, Revenue Refunding Bonds (Central DuPage Health System), VRDN, Series B, 0.45%, 2/02/09 (o)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,500,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right"><font size="1"><b>Shares</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Money Market Fund &mdash; 10.1%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Merrill Lynch Institutional Tax-Exempt Fund, 0.60% (p)(q)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">26,102,900</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">26,102,900</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2"><b>Total Short-Term Securities<br>
                    (Cost &mdash; $44,902,900) &mdash; 17.4%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">44,902,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Investments (Cost &mdash; $476,069,790*) &mdash; 173.5%</b></font></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"><font size="2">447,514,822</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Other Assets Less Liabilities &mdash; 2.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,065,244</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Liability for Trust Certificates,<br>
                    Including Interest Expense and Fees Payable &mdash; (19.9)%</b></font></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"><font size="2">(51,324,803</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Preferred Shares, at Redemption Value &mdash; (56.3)%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(145,312,325</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Net Assets Applicable to Common Shares &mdash; 100.0%</b></font></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><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">257,942,938</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">13</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="40%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="60%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (concluded)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniHoldings Insured Fund II, Inc. (MUE)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">*</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="82%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Aggregate cost</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">426,204,678</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Gross unrealized appreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,246,642</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Gross unrealized depreciation</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(35,799,740</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Net unrealized depreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(29,553,098</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(a)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">AMBAC Insured. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(b)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">MBIA Insured. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(c)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FHA Insured. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(d)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FSA Insured. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(e)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FGIC Insured. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(f)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Radian Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(g)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(h)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FNMA Collateralized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(i)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FHLMC Collateralized. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(j)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">GNMA Collateralized. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(k)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Assured Guaranty Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(l)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(m)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">XL Capital Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(n)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(o)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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. Rate shown is as of report date. This rate changes periodically based upon prevailing market rates.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(p)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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 style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Affiliate</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Net<br>
                    Activity</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Income</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Merrill Lynch Institutional Tax-Exempt Fund</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="2">1,284,436</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="2">$111,253</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(q)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Represents the current yield as of report date. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(r)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">When issued security.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="90%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, &ldquo;Fair Value Measurements&rdquo; (&ldquo;FAS 157&rdquo;). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as
                    follows:</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 1 &mdash; price quotations in active markets/exchanges for identical securities</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 2 &mdash; other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 3 &mdash; unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Fund&rsquo;s own assumption used in determining the fair value of investments) </font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-LEFT: 5%"><font size="2">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund&rsquo;s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</font></p>

        <p style="MARGIN-LEFT: 5%"><font size="2">The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Fund&rsquo;s investments:</font></p>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="84%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Valuation Inputs</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Investments in<br>
                    Securities</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <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="center"><font size="1"><b>Assets</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Level 1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">26,102,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Level 2</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">421,411,922</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Level 3</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Total</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">447,514,822</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">14</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments</font> <font size="2">January 31, 2009 (Unaudited)</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font style="FONT-SIZE: 9pt"><b>BlackRock MuniYield California Insured Fund, Inc. (MCA)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California &mdash; 117.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>County/City/Special District/ School District &mdash; 63.8%</b></font></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="2">Alameda, California, GO, 5%, 8/01/33 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,350</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,278,983</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Alameda County, California, Joint Powers Authority, Lease Revenue Refunding Bonds, 5%, 12/01/34 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,960</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,828,398</font></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="2">Anaheim, California, Union High School District, GO (Election of 2002), 5%, 8/01/27 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,400</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,332,296</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Banning, California, Unified School District, GO (Election of 2006), Series B, 5.25%, 8/01/33 (c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,300</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,195,811</font></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="2">Bay Area Government Association, California, Tax Allocation Revenue Refunding Bonds (California Redevelopment Agency Pool), Series A, 6%, 12/15/24 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">255</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">257,700</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Brentwood, California, Infrastructure Refinancing Authority, Infrastructure Revenue Refunding Bonds, Series A, 5.20%, 9/02/29 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,980</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,886,430</font></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="2">Capistrano, California, Unified School District, Community Facility District, Special Tax Refunding Bonds, 5%, 9/01/29 (a)(f)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,536,090</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Chabot-Las Positas, California, Community College District, GO (Election of 2004), Series B, 5.17%, 8/01/26 (b)(c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,705</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,490,170</font></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="2">Chino Valley, California, Unified School District, GO (Election of 2002), Series C, 5.25%, 8/01/30 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,913,450</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Chula Vista, California, Elementary School District, COP, 5%, 9/01/29 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,910</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,257,030</font></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="2">Coachella Valley, California, Unified School District, GO (Election of 2005), Series A, 5%, 8/01/25 (a)(f)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,275</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,264,061</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Corona, California, COP (Clearwater Cogeneration Project), 5%, 9/01/28 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,817,940</font></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="2">Desert Sands, California, Unified School District, COP (Financing Project), 5.75%, 3/01/24 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,022,660</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Fremont, California, Unified School District, Alameda County, GO, Series A, 5.50%, 8/01/26 (a)(f)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,755</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,904,602</font></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="2">Fresno, California, Joint Powers Financing Authority, Lease Revenue Bonds, Series A, 5.75%, 6/01/26 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,295</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,363,800</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Fullerton, California, Public Financing Authority, Tax Allocation Revenue Bonds, 5%, 9/01/27 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,930</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,765,136</font></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="2">Glendora, California, Unified School District, GO (Election of 2005), Series A:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 8/01/27 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,350</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,311,917</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 8/01/30 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,700</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,622,105</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Hemet, California, Unified School District, GO, Series B, 5.125%, 8/01/37 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,277,115</font></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="2">Imperial, California, Community College District, GO (Election of 2004), 5%, 8/01/29 (a)(f)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,090</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,930,525</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">La Quinta, California, Financing Authority, Local Agency Revenue Bonds, Series A, 5.25%, 9/01/24 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,407,175</font></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="2">Lodi, California, Unified School District, GO (Election of 2002), 5%, 8/01/29 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,260</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,117,591</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Los Angeles, California, Community Redevelopment Agency, Community Redevelopment Financing Authority Revenue Bonds (Bunker Hill Project), Series A, 5%, 12/01/27 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,154,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California (continued)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>County/City/Special District/ School District (continued)</b></font></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="2">Los Angeles, California, Unified School District, GO:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Election of 2002), Series C, 5%, 7/01/32</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,522,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Election of 2004), Series C, 5%, 7/01/27 (f)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,880</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,882,592</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Election of 2004), Series F, 5%, 7/01/30 (f)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,711,400</font></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="2">Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds, Proposition A, First Tier Senior-Series A (b):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 7/01/27</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,240</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,254,043</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 7/01/35</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,224,140</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Los Angeles County, California, Public Works Financing Authority, Lease Revenue Refunding Bonds (Master Refunding Project), Series A, 5%, 12/01/28 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,418,540</font></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="2">Los Rios, California, Community College District, GO (Election of 2002), Series B, 5%, 8/01/27 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,005,700</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Merced, California, Community College District, GO (School Facilities District Number 1), 5%, 8/01/31 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,865</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,399,828</font></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="2">Murrieta Valley, California, Unified School District, Public Financing Authority, Special Tax Revenue Bonds, Series A, 5.125%, 9/01/26 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,543,760</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Natomas Unified School District, California, GO (Election of 2006), 5%, 8/01/28 (a)(f)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,015</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,769,047</font></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="2">Oxnard, California, Unified High School District, GO, Refunding, Series A, 6.20%, 8/01/30 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,645</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,759,390</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Peralta, California, Community College District, GO (Election of 2007), Series B, 5%, 8/01/37 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,695</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,439,385</font></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="2">Poway, California, Unified School District, School Facilities Improvement, GO (Election of 2002), Series 1-B, 5%, 8/01/30 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,780,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Redlands, California, Unified School District, GO (Election of 2008), 5.25%, 7/01/33 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,992,950</font></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="2">Riverside, California, COP, 5%, 9/01/28 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,711,340</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Riverside, California, Unified School District, GO:</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Election of 2001), Series A, 5.25%, 2/01/23 (a)(f)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,198,660</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Election of 2001), Series B, 5%, 8/01/30 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,515</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,062,597</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series C, 5%, 8/01/32 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,010</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,848,578</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Sacramento, California, City Financing Authority, Capital Improvement Revenue Bonds (Community Rein Capital Program), Series A, 5%, 12/01/36 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,704,560</font></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="2">Sacramento, California, City Financing Authority, Tax Allocation Revenue Bonds (Merged Downtown and Oak Park Projects), Series A, 5.036%, 12/01/32 (a)(c)(f)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,590</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,050,314</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Saddleback Valley, California, Unified School District, GO, 5%, 8/01/29 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,565</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,529,398</font></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="2">San Bernardino, California, City Unified School District, GO, Series A, 5%, 8/01/28 (e)(g)(h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,872,350</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Diego, California, Redevelopment Agency, Subordinate Tax Allocation Bonds (Centre City Redevelopment Project), Series A (b):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 9/01/24</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,720</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,619,006</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 9/01/25</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,860</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,720,003</font></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="2">San Jose, California, Financing Authority, Lease Revenue Refunding Bonds (Civic Center Project), Series B, 5%, 6/01/32 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,400</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,929,522</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">15</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="45%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniYield California Insured Fund, Inc. (MCA)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California (continued)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>County/City/Special District/ School District (concluded)</b></font></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" nowrap bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Jose, California, GO (Libraries, Parks and Public Safety Projects), 5%, 9/01/27 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,910</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,948,284</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Jose, California, Redevelopment Agency, Tax Allocation Bonds (Housing Set-Aside Merged Area), AMT, Series E, 5.85%, 8/01/27 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,300</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,815,791</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" nowrap bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Juan, California, Unified School District, GO (Election of 2002), 5%, 8/01/28 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,076,218</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Mateo County, California, Transit District, Sales Tax Revenue Refunding Bonds, Series A, 5%, 6/01/29 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,350</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,289,622</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" nowrap bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Santa Rosa, California, High School District, GO (Election of 2002), 5%, 8/01/28 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,397,775</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">South Tahoe, California, Joint Powers Financing Authority, Revenue Refunding Bonds (South Tahoe Redevelopment Project Area Number 1), Series A, 5%, 10/01/29 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,645</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,555,693</font></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="2">Ventura County, California, Community College District, GO, Refunding, Series A, 5%, 8/01/27 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,395</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,401,756</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Vista, California, COP (Community Projects), 5%, 5/01/37 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,750</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,559,705</font></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="2">Vista, California, Unified School District, GO, Series B, 5%, 8/01/28 (a)(f)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,550</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,445,731</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">West Contra Costa, California, Unified School District, GO:</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Election of 2005), Series B, 5.625%, 8/01/35 (i)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,613,025</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Election of 2002), Series B, 5%, 8/01/32 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,690</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,327,603</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">280,316,691</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Education &mdash; 3.8%</b></font></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="2">California Educational Facilities Authority Revenue Bonds (University of San Diego), Series A, 5.50%, 10/01/32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,030,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">California Educational Facilities Authority, Student Loan Revenue Bonds (CalEdge Loan Program), AMT, 5.55%, 4/01/28 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,355</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,587,284</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" nowrap bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Diego County, California, COP (Salk Institute for Bio Studies), 5.75%, 7/01/31 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,200</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,960,592</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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"><font size="2">16,578,776</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Hospitals/Health Care &mdash; 3.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">California Statewide Communities Development Authority, Health Facility Revenue Bonds (Memorial Health Services), Series A, 6%, 10/01/23</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,685</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,729,258</font></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="2">California Statewide Communities Development Authority Revenue Bonds:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Adventist), Series B, 5%, 3/01/37 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,850</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,031,760</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Sutter Health), Series D, 5.05%, 8/15/38 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,925</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,928,193</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">California Statewide Communities Development Authority, Revenue Refunding Bonds (Kaiser Permanente), Series A, 5%, 4/01/31</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">900</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">748,971</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">16,438,182</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California (continued)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Housing &mdash; 3.0%</b></font></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="2">California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds (Mortgage-Backed Securities Program), AMT:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series A, 6.35%, 12/01/29 (g)(h)(j)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">210</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">216,961</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series B, 6.25%, 12/01/31 (g)(h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">95</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">96,282</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">California State Department of Veteran Affairs, Home Purchase Revenue Refunding Bonds, Series A, 5.35%, 12/01/27 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,680</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,732,495</font></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="2">San Bernardino County, California, S/F Home Mortgage Revenue Refunding Bonds, AMT, Series A-1, 6.25%, 12/01/31</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">155</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">160,620</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,206,358</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>State &mdash; 5.6%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">California State, GO, 6.25%, 10/01/19 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">860</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">862,494</font></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="2">California State, GO, Refunding, Veterans, AMT, Series B, 5.70%, 12/01/32 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">19,865</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">17,730,307</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">California State Public Works Board, Lease Revenue Bonds (Various University Projects), Series D, 5%, 5/01/26 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,010</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,968,351</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">24,561,152</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Transportation &mdash; 13.6%</b></font></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="2">Port of Oakland, California, Revenue Bonds, AMT, Series K (a)(f):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.875%, 11/01/17</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,745</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,765,807</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.75%, 11/01/29</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,737,475</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375%, 11/01/27 (a)(f)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">19,040</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,132,973</font></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="2">San Diego, California, Unified Port District, Revenue Refunding Bonds, AMT, Series A, 5.25%, 9/01/19 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,400</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,281,038</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Refunding Bonds, Series A, 5%, 7/01/34 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,076,535</font></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="2">San Francisco, California, City and County Airport Commission, International Airport Revenue Refunding Bonds, AMT, Second Series:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">6.75%, 5/01/19</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,420</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,614,392</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Issue 34E, 5.75%, 5/01/24 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,808,150</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Issue 34E, 5.75%, 5/01/25 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,332,875</font></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="2">San Francisco, California, City and County Airport Commission, International Airport, Special Facilities Lease Revenue Bonds (SFO Fuel Company LLC), AMT, Series A (e):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">6.10%, 1/01/20</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,006,040</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">6.125%, 1/01/27</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">985</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">960,188</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Jose, California, Airport Revenue Bonds, Series D, 5%, 3/01/28 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,135</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,967,822</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">59,683,295</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">16</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="45%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniYield California Insured Fund, Inc. (MCA)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California (continued)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Electric &amp; Gas &mdash; 3.2%</b></font></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="2">Glendale, California, Electric Revenue Bonds, 5%, 2/01/32 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,390</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,061,804</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Los Angeles, California, Water and Power Revenue Bonds (Power System), Sub-Series A-1, 5%, 7/01/37 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,787,850</font></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="2">Santa Clara, California, Subordinated Electric Revenue Bonds, Series A, 5%, 7/01/28 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,275,435</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,125,089</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Irrigation, Resource Recovery, Solid Waste &amp; Other &mdash; 0.9%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Sacramento, California, Municipal Utility District Financing Authority Revenue Bonds (Consumers Project), 5%, 7/01/21 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,080,330</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Water &amp; Sewer &mdash; 19.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Contra Costa, California, Water District, Water Revenue Refunding Bonds:</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series L, 5%, 10/01/32 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,135</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,033,858</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series O, 5%, 10/01/24 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,735</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,787,171</font></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="2">East Bay, California, Municipal Utility District, Wastewater System Revenue Refunding Bonds, Sub-Series A (b):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 6/01/33</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,889,960</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 6/01/37</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,985</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,703,129</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">East Bay, California, Municipal Utility District, Water System Revenue Refunding Bonds, Series A, 5%, 6/01/37 (f)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,754,060</font></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="2">East Bay Municipal Utility District, California, Water System Revenue Bonds, Sub-Series A, 5%, 6/01/35 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">14,529,450</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">El Centro, California, Financing Authority, Water Revenue Bonds, Series A, 5.25%, 10/01/35 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,100</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">949,091</font></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="2">Hollister, California, Joint Powers Finance Authority, Wastewater Revenue Refunding Bonds (Refining and Improvement Project), Series 1 (e):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 6/01/32</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,539,050</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 6/01/37</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,320,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Madera, California, Public Financing Authority, Water and Wastewater Revenue Refunding Bonds, 5%, 3/01/36 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,010</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,814,367</font></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="2">Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Series B-1, 5%, 10/01/33 (a)(f)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,175</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,044,774</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Napa, California, Water Revenue Bonds, 5%, 5/01/35 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,070</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,502,853</font></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="2">Oakland, California, Sewer Revenue Bonds, Series A, 5%, 6/15/29 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,270</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,121,618</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Oxnard, California, Financing Authority, Wastewater Revenue Bonds (Redwood Trunk Sewer and Headworks Projects), Series A, 5.25%, 6/01/34 (a)(f)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,438,100</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California (continued)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Water &amp; Sewer (concluded)</b></font></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="2">Stockton, California, Public Financing Authority, Water Revenue Bonds (Water System Capital Improvement Projects), Series A, 5%, 10/01/31 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,600</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,422,967</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Turlock, California, Public Finance Authority, Sewer Revenue Bonds, Series A, 5%, 9/15/33 (a)(e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,783,520</font></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="2">Vallecitos Water District and Wastewater Enterprise, California, COP, Refunding, Series A, 5%, 7/01/27 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,004,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">86,638,468</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Municipal Bonds &mdash; 117.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">515,628,341</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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" colspan="8">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds Transferred to<br>
                    Tender Option Bond Trusts (k)</b></font></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">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>County/City/Special District/ School District &mdash; 5.4%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Series A, 5%, 7/01/37</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,709,300</font></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="2">Palomar Pomerado Health Care District, California, GO (Election of 2004), Series A, 5.125%, 8/01/37 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,300</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,129,066</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">23,838,366</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Education &mdash; 5.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" nowrap>
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">California State University, Systemwide Revenue Bonds, Series A, 5%, 11/01/39 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,860</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,583,417</font></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="2">Fremont, California, Unified School District, Alameda County, GO (Election of 2002), Series B, 5%, 8/01/30 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,997</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,865,540</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Los Angeles, California, Community College District, GO (Election of 2003), Series E, 5%, 8/01/31 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,497</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,290,088</font></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="2">University of California Revenue Bonds, Series L, 5%, 5/15/40</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,398</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,016,876</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">24,755,921</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Transportation &mdash; 7.5%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Long Beach, California, Harbor Revenue Bonds, AMT, Series A, 5.375%, 5/15/24</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,150</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,985,571</font></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="2">San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Refunding Bonds, Series A, 5%, 7/01/30 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">19,630</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">19,150,243</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">33,135,814</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">17</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="37%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="62%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniYield California Insured Fund, Inc. (MCA)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds Transferred to<br>
                    Tender Option Bond Trusts (k)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>California (concluded)</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Electric &amp; Gas &mdash; 0.8%</b></font></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="2">Anaheim, California, Public Financing Authority, Electric System Distribution Facilities Revenue Bonds, Series A, 5%, 10/01/31 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,568</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,418,448</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Water &amp; Sewer &mdash; 12.4%</b></font></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="2">Los Angeles, California, Department of Water and Power, Power System Revenue Refunding Bonds, Series A, Sub-Series A-2, 5%, 7/01/27 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">16,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,549,120</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Los Angeles, California, Water and Power Revenue Bonds (Power System), Sub-Series A-1, 5%, 7/01/31 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,007</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,836,955</font></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="2">Rancho, California, Water District Financing Authority, Revenue Refunding Bonds, Series A, 5%, 8/01/34 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,277</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,975,430</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Diego County, California, Water Authority, Water Revenue Bonds, COP, Series A (e):</font></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: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 5/01/30</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,350</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,189,403</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 5/01/31</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,711,600</font></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="2">San Diego County, California, Water Authority, Water Revenue Refunding Bonds, COP, Series A, 5%, 5/01/33 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,510</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,208,065</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">54,470,573</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2"><b>Total Municipal Bonds Transferred to<br>
                    Tender Option Bond Trusts &mdash; 31.8%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">139,619,122</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Total Long-Term Investments<br>
                    (Cost &mdash; $701,175,204) &mdash; 149.1%</b></font></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"><font size="2">655,247,463</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1"><b>Short-Term Securities</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>California &mdash; 5.7%</b></font></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">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Water &amp; Sewer &mdash; 2.3%</b></font></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="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">East Bay Municipal Utility District, California, Water System Revenue Refunding Bonds, VRDN, Sub-Series B, 1.25%, 2/04/09 (e)(l)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Transportation &mdash; 3.4%</b></font></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="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds, Proposition C, VRDN, Second Senior Series A, 6%, 2/05/09 (a)(l)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,000,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Shares</b></font></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">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Money Market Fund &mdash; 6.8%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">CMA California Municipal Money Fund, 0.18% (m)(n)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">29,933,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">29,933,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2"><b>Total Short-Term Securities<br>
                    (Cost &mdash; $54,933,000) &mdash; 12.5%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">54,933,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Investments (Cost &mdash; $756,108,204*) &mdash; 161.6%</b></font></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"><font size="2">710,180,463</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Liabilities in Excess of Other Assets &mdash; (0.2)%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(724,290</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Liability for Trust Certificates, Including Interest Expense<br>
                    and Fees Payable &mdash; (17.6)%</b></font></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"><font size="2">(77,649,638</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Preferred Shares, at Redemption Value &mdash; (43.8)%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(192,327,876</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Net Assets Applicable to Common Shares &mdash; 100.0%</b></font></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><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">439,478,659</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">*</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="83%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Aggregate cost</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">678,735,234</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Gross unrealized appreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,602,961</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Gross unrealized depreciation</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(47,327,555</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Net unrealized depreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(45,724,594</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(a)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">MBIA Insured. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(b)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">AMBAC Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(c)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Represents a zero-coupon bond. Rate shown is the effective yield at the time of purchase.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(d)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Assured Guaranty Insured. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(e)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FSA Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(f)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FGIC Insured. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(g)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FNMA Collateralized. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(h)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">GNMA Collateralized. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(i)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">BHAC Insured. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(j)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FHLMC Collateralized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(k)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(l)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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. Rate shown is as of report date. This rate changes periodically based upon prevailing market rates.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(m)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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 style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="69%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Affiliate</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Net<br>
                    Activity</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Income</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">CMA California Municipal Money Fund</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">29,726,747</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">127,654</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(n)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Represents the current yield as of report date.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">18</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT </font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="37%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="62%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (concluded)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield California Insured Fund, Inc. (MCA)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="90%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, &ldquo;Fair Value Measurements&rdquo; (&ldquo;FAS 157&rdquo;). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as
                    follows:</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 1 &mdash; price quotations in active markets/exchanges for identical securities</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 2 &mdash; other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 3 &mdash; unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Fund&rsquo;s own assumption used in determining the fair value of investments)</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-LEFT: 5%"><font size="2">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund&rsquo;s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</font></p>

        <p style="MARGIN-LEFT: 5%"><font size="2">The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Fund&rsquo;s investments:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="84%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Valuation Inputs</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Investments in<br>
                    Securities</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Assets</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p><font size="2">Level 1</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">29,933,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Level 2</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">680,247,463</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p><font size="2">Level 3</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Total</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">710,180,463</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p align="left"><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">19</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="51%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="48%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments <font size="2">January 31, 2009 (Unaudited)</font></font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Insured Fund, Inc. (MYI)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Alabama &mdash; 0.8%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Alabama Special Care Facilities Financing Authority of Mobile, Revenue Refunding Bonds (Ascension Health Credit), Series D, 5%, 11/15/39 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,810</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,799,328</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Alaska &mdash; 0.6%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Alaska Energy Authority, Power Revenue Refunding Bonds (Bradley Lake), Fourth Series, 6%, 7/01/18 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,495</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,215,809</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Arizona &mdash; 3.1%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Downtown Phoenix Hotel Corporation, Arizona, Revenue Bonds, Senior Series A, 5%, 7/01/36 (c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">21,355</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,302,670</font></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="2">Maricopa County and Phoenix, Arizona, IDA, S/F Mortgage Revenue Bonds, AMT, Series A-2, 5.80%, 7/01/40 (d)(e)(f)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,470</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,402,063</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Salt River Project, Arizona, Agriculture Improvement and Power District, Electric System Revenue Bonds, Series A, 5%, 1/01/37</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,874,900</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">23,579,633</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>California &mdash; 14.3%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Alameda Corridor Transportation Authority, California, Capital Appreciation Revenue Refunding Bonds, Subordinate Lien, Series A, 5.40%, 10/01/24 (g)(h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,973,600</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Antioch, California, Public Finance Authority, Lease Revenue Refunding Bonds (Municipal Facilities Project), Series A, 5.50%, 1/01/32 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,002,450</font></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="2">California Statewide Communities Development Authority Revenue Bonds (b):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Saint Joseph Home Care), Series E, 5.25%, 7/01/47</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,800</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,395,446</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Sutter Health), Series D, 5.05%, 8/15/38</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,400</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,469,228</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">California State, GO, 5.50%, 4/01/30 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,962</font></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="2">California State Public Works Board, Lease Revenue Bonds (Department of Corrections), Series C, 5.25%, 6/01/28</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,108,400</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">California State University, Revenue Refunding Bonds, DRIVERS, Series 2646Z, 8.819%, 5/01/15 (b)(i)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,273</font></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="2">Fairfield-Suisun, California, Unified School District, GO (Election of 2002), 5.50%, 8/01/28 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,800</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,882,360</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Bonds, Series B1, 4.75%, 8/01/37 (a)(c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,984,900</font></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="2">Mendocino-Lake Community College District, California, GO (Election of 2006), Series A, 5%, 8/01/31 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,485</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,384,376</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Port of Oakland, California, Revenue Refunding Bonds, AMT, Series L, 5.375%, 11/01/27 (a)(c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,465</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,172,564</font></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="2">Redding, California, Electric System, COP, Series A, 5%, 6/01/30 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,758,944</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Riverside County, California, Public Financing Authority, Tax Allocation Revenue Bonds (Redevelopment Projects), 5%, 10/01/35 (j)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,434,900</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>California (concluded)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Sacramento County, California, Airport System Revenue Bonds, AMT, Senior Series A, 5%, 7/01/41 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">18,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,772,940</font></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="2">San Jose, California, Airport Revenue Refunding Bonds, AMT, Series A, 5.50%, 3/01/32 (h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,965</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,189,992</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Mateo, California, Union High School District, COP (Phase One Projects), Series B, 4.758%, 12/15/43 (g)(h)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,250</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,482,293</font></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="2">Stockton, California, Public Financing Authority, Lease Revenue Bonds (Parking &amp; Capital Projects), 5.25%, 9/01/34 (a)(c)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,310</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,361,330</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">107,385,958</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Colorado &mdash; 0.8%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre Valley Health Care), Series C, 5.25%, 3/01/40 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,996,690</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>District of Columbia &mdash; 1.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">District of Columbia, Water and Sewer Authority, Public Utility Revenue Refunding Bonds, Senior Lien, Series A, 6%, 10/01/35 (v)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,280</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,477,650</font></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="2">Metropolitan Washington Airports Authority, D.C., Airport System Revenue Bonds, AMT, Series B, 5%, 10/01/32 (h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,035,200</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,512,850</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Florida &mdash; 12.2%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Broward County, Florida, School Board, COP, Series A, 5.25%, 7/01/33 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,171,850</font></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="2">Miami-Dade County, Florida, Aviation Revenue Refunding Bonds, DRIVERS, AMT, Series 2586Z, 7.992%, 10/01/15 (i)(j)(k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">37</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">22,269</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT:</font></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: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.375%, 10/01/25 (a)(c)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,750</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,331,645</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.375%, 10/01/27 (a)(c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">845,810</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5%, 10/01/35 (j)(k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,920,100</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5.50%, 10/01/41 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,618,750</font></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="2">Miami-Dade County, Florida, GO (Building Better Communities Program), Series B, 6.375%, 7/01/28</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,556,860</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Miami-Dade County, Florida, School Board, COP, Refunding, Series B, 5.25%, 5/01/31 (k)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,125</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,932,156</font></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="2">Miami-Dade County, Florida, Water and Sewer Revenue Refunding Bonds, Series C, 6%, 10/01/23 (l)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">20,095</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">22,266,265</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Orlando, Florida, Senior Tourist Development Tax Revenue Bonds (6th Cent Contract Payments), Series A, 5.25%, 11/01/38 (k)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,996,200</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">91,661,905</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">20</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="42%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="57%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Insured Fund, Inc. (MYI)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Georgia &mdash; 2.0%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series B, 5.25%, 1/01/33 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,482,500</font></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="2">Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, Series A, 6.25%, 7/15/33 (m)(n)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,170</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,600,943</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,083,443</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Hawaii &mdash; 0.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Hawaii State, GO, Series CX, 5.50%, 2/01/21 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,159,280</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Illinois &mdash; 16.8%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Chicago, Illinois, GO, Refunding, Series A, 5.25%, 1/01/24 (k)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,558,910</font></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="2">Chicago, Illinois, O&rsquo;Hare International Airport, General Airport Revenue Bonds, Third Lien, AMT, Series B-2 (a):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 1/01/27</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,685</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,952,498</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">6%, 1/01/27</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">26,230</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">23,946,941</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Chicago, Illinois, O&rsquo;Hare International Airport Revenue Refunding Bonds, Third Lien, AMT, Series C-2, 5.25%, 1/01/30 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,400</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,956,236</font></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="2">Illinois Health Facilities Authority Revenue Bonds (Delnor Hospital) (b):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series B, 5.25%, 5/15/32</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,150</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,610,583</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series D, 5.25%, 5/15/32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,122,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Illinois Municipal Electric Agency, Power Supply Revenue Bonds, Series A (a)(c):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 2/01/35</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">25,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">22,641,750</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 2/01/35</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,090,400</font></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="2">Northern Illinois Municipal Power Agency, Power Project Revenue Refunding Bonds (Prairie State Project), Series A, 5%, 1/01/37 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,253,754</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75%, 6/01/20 (a)(c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,293,250</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">126,427,222</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Indiana &mdash; 0.9%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Indiana Health Facilities Financing Authority, Hospital Revenue Bonds (Deaconess Hospital Obligated Group), Series A, 5.375%, 3/01/34 (h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,774,080</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Indianapolis, Indiana, Gas Utility Revenue Refunding Bonds, Second Lien, Series B, 5.25%, 8/15/27 (k)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,029,700</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,803,780</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Kentucky &mdash; 1.9%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Louisville and Jefferson Counties, Kentucky, Metropolitan Sewer District, Sewer and Drain System Revenue Bonds, Series A, 5.25%, 5/15/37 (a)(c)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,155</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">14,550,315</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Louisiana &mdash; 4.9%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds (Capital Projects and Equipment Acquisition Program), Series A, 6.30%, 7/01/30 (h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,750</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,121,275</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <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"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Louisiana (concluded)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Louisiana Public Facilities Authority, Mortgage Revenue Refunding Bonds (Baton Rouge General Medical Center Project), 5.25%, 7/01/33 (a)(o)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,703,350</font></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="2">Louisiana State Gas and Fuels Tax Revenue Bonds, Series A, 5%, 5/01/36 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,555,300</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New Orleans, Louisiana, Aviation Board Revenue Bonds, AMT, Series A, 5.25%, 1/01/32 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,030</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,649,109</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">37,029,034</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Massachusetts &mdash; 6.0%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Boston, Massachusetts, Housing Authority, Capital Program Revenue Bonds (b):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 4/01/23</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,570</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,623,929</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 4/01/28</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">520</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">512,398</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Massachusetts State, HFA, Housing Development Revenue Refunding Bonds, Series B, 5.40%, 12/01/28 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,215,975</font></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="2">Massachusetts State, HFA, M/F Housing Revenue Bonds, Series B, 7%, 12/01/38</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,440</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,679,218</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Massachusetts State, HFA, Rental Housing Mortgage Revenue Bonds, AMT, Series A, 5.15%, 7/01/26 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,910</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,384,613</font></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="2">Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT, Series 128, 4.875%, 12/01/38 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12,860</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,378,020</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Massachusetts State Port Authority, Special Facilities Revenue Refunding Bonds (BOSFUEL Project), AMT, 5%, 7/01/38 (a)(c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">19,755</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,565,559</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">45,359,712</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Michigan &mdash; 5.9%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Detroit, Michigan, Water Supply System, Revenue Refunding Bonds, Senior Lien, Series D, 5%, 7/01/23 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,085</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,627,752</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Michigan Higher Education Student Loan Authority, Student Loan Revenue Bonds, AMT, Series XVII-Q, 5%, 3/01/31 (h)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,325</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,962,711</font></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="2">Michigan State Building Authority, Revenue Refunding Bonds (Facilities Program), Series I, 6.25%, 10/15/38</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,125</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,266,156</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Michigan State, HDA, Rental Housing Revenue Bonds, AMT, Series B, 4.95%, 4/01/44 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,015,600</font></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="2">Michigan State Revenue Bonds, GAN, 5.25%, 9/15/26 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,650</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,669,219</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit Edison Company Pollution Control Project), AMT (j):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series A, 5.50%, 6/01/30</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,505,520</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series C, 5.65%, 9/01/29</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,178,900</font></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="2">Wayne County, Michigan, Airport Authority, Revenue Refunding Bonds, AMT, 5.375%, 12/01/32 (k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,253,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">44,478,858</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Minnesota &mdash; 0.9%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Minneapolis, Minnesota, Health Care System, Revenue Refunding Bonds (Fairview Health Services), Series B, 6.50%, 11/15/38 (k)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,600</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,971,052</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">21</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="42%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="57%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Insured Fund, Inc. (MYI)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Missouri &mdash; 0.4%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Missouri State Health and Educational Facilities Authority, Health Facilities Revenue Bonds (Saint Luke&rsquo;s Health System), VRDN, Series A, 5.50%, <br>
                    11/15/35 (s)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,270</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,016,379</font></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="2">Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds (Homeownership Loan Program), AMT, Series C-1, 7.15%, 3/01/32 (e)(f)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">95</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">101,269</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,117,648</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Nevada &mdash; 5.1%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Clark County, Nevada, Airport System Subordinate Lien Revenue Bonds, <br>
                    Series A-2, 5%, 7/01/30 (a)(c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">20,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">17,960,600</font></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="2">Clark County, Nevada, IDR (Southwest Gas Corporation Project), AMT, Series A, 5.25%, 7/01/34 (h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12,675</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,392,751</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Las Vegas, Nevada, Convention and Visitors Authority Revenue Bonds, 5%, 7/01/37 (h)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,950</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,763,484</font></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="2">Reno, Nevada, Capital Improvement Revenue Bonds, 5.50%, 6/01/19 (c)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,165</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,173,330</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">38,290,165</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>New Jersey &mdash; 1.6%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New Jersey EDA, Cigarette Tax Revenue Bonds:</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.75%, 6/15/29</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,060</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,277,221</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.75%, 6/15/34</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,960</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,055,248</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12,332,469</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>New Mexico &mdash; 0.3%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New Mexico Educational Assistance Foundation, Student Loan Revenue Refunding Bonds (Student Loan Program), AMT, First Sub-Series A-2, 6.65%, 11/01/25</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,605</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,604,984</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New Mexico Mortgage Finance Authority, S/F Mortgage Revenue Bonds, AMT, Series C-2, 6.95%, 9/01/31 (e)(f)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">315</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">331,245</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,936,229</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>New York &mdash; 4.4%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, GO:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series A-1, 5.25%, 8/15/24</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,650</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,754,073</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series J, 5.25%, 5/15/24</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,101,200</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series J, 5.25%, 5/15/25</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">550</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">552,552</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series M, 5%, 4/01/30 (k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,865,950</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds (Presbyterian Hospital of New York), 5%, 8/15/36 (b)(o)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,005</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,122,600</font></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="2">New York State Dormitory Authority, State Supported Debt Revenue Bonds (Mental Health Services Facilities), Series B, 5%, 2/15/28 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,700</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,625,615</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">33,021,990</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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 valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td 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"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Ohio &mdash; 1.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Lorain County, Ohio, Hospital Revenue Refunding Bonds (Catholic Healthcare Partners), Series C-2, 5%, 4/01/33 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,200</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,647,656</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Oklahoma &mdash; 0.5%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Tulsa County, Oklahoma, Home Finance Authority, S/F Mortgage Revenue Refunding Bonds, AMT, Series C, 5.25%, 12/01/38 (f)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,748</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,918,278</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Pennsylvania &mdash; 4.1%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Pennsylvania HFA, S/F Mortgage Revenue Bonds, AMT, Series 70A, 5.80%, 4/01/27</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,740</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,412,561</font></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="2">Pennsylvania State Turnpike Commission, Turnpike Revenue Bonds:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series A, 5.50%, 12/01/31 (h)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,600</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,831,816</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series A1, 5%, 6/01/38 (k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,828,100</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Pennsylvania State Turnpike Commission, Turnpike Revenue Refunding Bonds, Sub-Series C, 6.25%, 6/01/38 (k)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,695</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,154,245</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">31,226,722</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Rhode Island &mdash; 0.3%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Rhode Island State Economic Development Corporation, Airport Revenue Bonds, AMT, Series A, 5.25%, 7/01/38 (k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,453,820</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>South Carolina &mdash; 1.9%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Charleston Educational Excellence Financing Corporation, South Carolina, Revenue Bonds (Charleston County School District) (k):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 12/01/28</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,895</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,791,744</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 12/01/29</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,215</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,088,843</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 12/01/30</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,160</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,102,104</font></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="2">Kershaw County, South Carolina, Public Schools Foundation, Installment Power Revenue Refunding Bonds (o):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 12/01/30</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,775</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,543,593</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 12/01/31</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,690</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,353,361</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding Bonds, AMT, Series A-2, 6.35%, 7/01/19 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">645</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">651,418</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">14,531,063</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Tennessee &mdash; 0.2%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Tennessee HDA, Revenue Refunding Bonds (Homeownership Program), AMT, Series A, 5.35%, 1/01/26 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,845</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,767,676</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Texas &mdash; 21.6%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Canyon, Texas, Regional Water Authority, Contract Revenue Bonds (Wells Ranch Project), 5%, 8/01/32 (h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,185</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,561,549</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Dallas, Texas, Independent School District, GO, 6.375%, 2/15/34</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,948,200</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">22</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="42%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="57%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Insured Fund, Inc. (MYI)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Texas (concluded)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT, Series A, 5%, 11/01/35 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">791,760</font></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="2">Dallas-Fort Worth, Texas, International Airport Revenue Refunding and Improvement Bonds, AMT, Series A, 5.625%, 11/01/26 (a)(c)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,925,550</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Harris County, Texas, Hospital District, Senior Lien Revenue Refunding Bonds, Series A, 5.25%, 2/15/37 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,913,700</font></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="2">Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien, Series G (a):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.75%, 11/15/19</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,665</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,671,893</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.75%, 11/15/20</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,464,545</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 11/15/30</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,879,500</font></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="2">Houston, Texas, Combined Utility System, First Lien Revenue Refunding Bonds, Series A, 5%, 11/15/36 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,695</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,335,862</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Judson, Texas, Independent School District, School Building, GO, 5%, 2/01/37 (k)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,621,200</font></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="2">Matagorda County, Texas, Navigation District Number 1, PCR, Refunding (Central Power and Light Company Project), AMT, 5.20%, 5/01/30 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,514,688</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">North Texas Tollway Authority, System Revenue Refunding Bonds, First Tier:</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series A, 6%, 1/01/25</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,357,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series A, 5.125%, 1/01/28 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">22,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">20,259,140</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series B, 5.75%, 1/01/40 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,422,700</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Texas State Department of Housing and Community Affairs, S/F Mortgage Revenue Bonds, AMT, Series A, 5.45%, 9/01/23 (a)(e)(f)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,670</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,641,933</font></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="2">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier, Series A (h):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 8/15/42</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,053,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.50%, 8/15/39</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,803,600</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Texas State University, System Financing Revenue Refunding Bonds:</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 3/15/24</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,268,650</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 3/15/25</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,396,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 3/15/26</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,364,700</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">162,196,170</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Vermont &mdash; 0.4%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Vermont HFA, Revenue Refunding Bonds, AMT, Series C, 5.50%, 11/01/38 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,682,570</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" nowrap bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Vermont HFA, S/F Housing Revenue Bonds, AMT, Series 12B, 6.30%, 11/01/19 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">375</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">381,326</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,063,896</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Virginia &mdash; 0.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old Dominion Electric Cooperative Project), AMT, 5.625%, 6/01/28 (h)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,225,650</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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 valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td 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"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Washington &mdash; 7.8%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue Bonds (Chelan Hydro System), AMT, Series A, 5.45%, 7/01/37 (h)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,030</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,479,267</font></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="2">Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue Refunding Bonds (Chelan Hydro System), AMT, Series C, 5.65%, 7/01/32 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,241,120</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">King County, Washington, Public Hospital District Number 001, GO, Refunding, Series A, 5%, 12/01/37 (k)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,995</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,457,032</font></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="2">Port of Seattle, Washington, Revenue Bonds, DRIVERS, AMT, Series 2553, 8.967%, 1/01/12 (a)(i)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,781</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Radford Court Properties, Washington, Student Housing Revenue Bonds, 5.75%, 6/01/32 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,923,000</font></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="2">Seattle, Washington, Housing Authority Revenue Bonds (High Rise Rehabilitation Program &mdash; Phase 3), AMT, 5.15%, 11/01/27 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,255</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,670,533</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Skagit County, Washington, Public Hospital District, GO, Series A (a):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 12/01/25</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,945</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,999,098</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 12/01/26</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,450</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,479,485</font></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="2">Washington State Health Care Facilities Authority Revenue Bonds (Providence Health System), Series A, 5.25%, 10/01/21 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,150</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,215,375</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Washington State Health Care Facilities Authority, Revenue Refunding Bonds (Catholic Health Initiatives), Series D, 6.375%, 10/01/36</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,521,010</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">58,987,701</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>West Virginia &mdash; 0.2%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Harrison County, West Virginia, County Commission for Solid Waste Disposal Revenue Bonds (Monongahela Power), AMT, Series C, 6.75%, 8/01/24 (h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,325</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,290,060</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Wisconsin &mdash; 0.4%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Wisconsin State Health and Educational Facilities Authority Revenue Bonds (SynergyHealth Inc.), 6%, 11/15/32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,395</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,163,325</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Puerto Rico &mdash; 1.5%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series M-3 (a)(q):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">6%, 7/01/26</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,240</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,005,615</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">6%, 7/01/27</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,235</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,991,911</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">6%, 7/01/28</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,750</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,573,505</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,571,031</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Municipal Bonds &mdash; 125.8%</b></font></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"><font size="2">947,756,418</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">23</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Insured Fund, Inc. (MYI)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds Transferred to<br>
                    Tender Option Bond Trusts (r)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>California &mdash; 10.9%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Alameda County, California, Joint Powers Authority, Lease Revenue Refunding Bonds, 5%, 12/01/34 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,990</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,679,225</font></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="2">California State University, Systemwide Revenue Refunding Bonds, Series A, 5%, 11/01/16 (h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">18,435</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">17,595,839</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Las Virgenes, California, Unified School District, GO, Series A, 5%, 8/1/31 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,710,553</font></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="2">Orange County, California, Sanitation District, COP, Series B, 5%, 2/01/37 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,780</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,325,946</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Riverside, California, Electric Revenue Bonds, Series D, 5%, 10/01/38 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">20,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">18,963,200</font></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="2">San Diego County, California, Water Authority, Water Revenue Refunding Bonds, COP, Series A, 5%, 5/01/33 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,370</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,037,552</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">San Francisco, California, Bay Area Rapid Transit District, Sales Tax Revenue Bonds, 5%, 7/01/36 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,701,849</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">82,014,164</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Connecticut &mdash; 0.7%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Connecticut State Health and Educational Facilities Authority Revenue Bonds (Yale University), Series T-1, 4.70%, 7/01/29</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,010</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,016,713</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Florida &mdash; 1.5%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, 5%, 10/01/40 (j)(k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,705,071</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Georgia &mdash; 1.3%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Third Indenture, Series B, 5%, 7/01/37 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,820,808</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Illinois &mdash; 2.1%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Illinois Finance Authority, Revenue Bonds (University of Chicago), Series B, 6.25, 7/01/38</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,742,800</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue Refunding Bonds (McCormick Place Expansion Project), Series B, 5.75%, 6/15/23 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,799</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,032,384</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,775,184</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>New Jersey &mdash; 1.5%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Garden State Preservation Trust of New Jersey, Open Space and Farmland Preservation Revenue Bonds, Series A, 5.75%, 11/01/28 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,326,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds Transferred to<br>
                    Tender Option Bond Trusts (r)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>New York &mdash; 4.5%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Revenue Refunding Bonds, Series DD, 5%, 6/15/37</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">17,567</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,649,253</font></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="2">Port Authority of New York and New Jersey, Consolidated Revenue Bonds, AMT, 137th Series, 5.125%, 7/15/30 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">19,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">17,241,120</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">33,890,373</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Ohio &mdash; 0.6%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Montgomery County, Ohio, Revenue Bonds (Catholic Health Initiatives), Series C-1, 5%, 10/01/41 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,990</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,234,664</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Texas &mdash; 1.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Friendswood, Texas, Independent School District, GO, 5%, 2/15/37</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,955</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,705,647</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Virginia &mdash; 0.5%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,950</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,958,493</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Washington &mdash; 7.9%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Central Puget Sound Regional Transportation Authority, Washington, Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/34 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">17,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,566,160</font></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="2">Houston, Texas, Independent School District, GO, 5%, 2/15/33</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,916,800</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">King County, Washington, Sewer Revenue Bonds, 5%, 1/01/37 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,785</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,299,295</font></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="2">Port of Seattle, Washington, Revenue Refunding Bonds, AMT, Series B, 5.20%, 7/01/29 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">20,565</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">17,606,313</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">59,388,568</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2"><b>Total Municipal Bonds Transferred to Tender Option Bond Trusts &mdash; 33.2%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">249,836,585</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Total Long-Term Investments<br>
                    (Cost &mdash; $1,316,958,572) &mdash; 159.0%</b></font></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"><font size="2">1,197,593,003</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1"><b>Short-Term Securities</b></font></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">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California &mdash; 0.5%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds, Proposition C, VRDN, Second Senior Series A, 6%, 2/05/09 (a)(s)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,000,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">24</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE><br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="3">Schedule of Investments (concluded)</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Insured Fund, Inc. (MYI)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Short-Term Securities</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Pennsylvania &mdash; 1.4%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="2">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Philadelphia, Pennsylvania, GO, Refunding, VRDN, Series B, 3.75%, 2/05/09 (b)(s)</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,000,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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 style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Shares</b></font></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">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Money Market Fund &mdash; 7.5%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Merrill Lynch Institutional Tax-Exempt Fund, 0.60% (t)(u)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">56,743,907</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">56,743,907</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2"><b>Total Short-Term Securities<br>
                    (Cost &mdash; $70,743,907) &mdash; 9.4%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">70,743,907</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Investments</b></font></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="2"><b>(Cost &mdash; $1,387,702,479*) &mdash; 168.4%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,268,336,910</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Other Assets Less Liabilities &mdash; 0.6%</b></font></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"><font size="2">4,593,234</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2"><b>Liability for Trust Certificates, Including Interest Expense and Fees Payable &mdash; (18.9)%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(142,645,295</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Preferred Shares, at Redemption Value &mdash; (50.1)%</b></font></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"><font size="2">(377,256,535</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Net Assets Applicable to Common Shares &mdash; 100.0%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">753,028,314</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">*</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="78%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Aggregate cost</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,253,642,151</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Gross unrealized appreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,667,095</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Gross unrealized depreciation</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(141,883,016</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Net unrealized depreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(127,215,921</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(a)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">MBIA Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(b)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FSA Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(c)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FGIC Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(d)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FHLMC Collateralized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(e)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FNMA Collateralized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(f)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">GNMA Collateralized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(g)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the effective yield as of report date.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(h)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">AMBAC Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(i)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Variable rate security. Rate shown is as of report date.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(j)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">XL Capital Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(k)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Assured Guaranty Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(l)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">BHAC Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(m)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Non-income producing security.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(n)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Issuer filed for bankruptcy and/or is in default of interest payments.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(o)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FHA Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(p)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">CIFG Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(q)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Commonwealth Guaranteed.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(r)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(s)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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. Rate shown is as of report date. This rate changes periodically based upon prevailing market rates.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(t)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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 style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Affiliate</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Net<br>
                    Activity</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Income</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Merrill Lynch Institutional Tax-Exempt Fund</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">30,589,501</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">393,051</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="90%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(u)</font></p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">Represents the current yield as of report date.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p><font size="2">(v)</font></p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">When issued security.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, &ldquo;Fair Value Measurements&rdquo; (&ldquo;FAS 157&rdquo;). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as
                    follows:</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 1 &mdash; price quotations in active markets/exchanges for identical securities</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 2 &mdash; other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 3 &mdash; unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Fund&rsquo;s own assumption used in determining the fair value of investments) </font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund&rsquo;s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Fund&rsquo;s investments:</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="78%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Valuation Inputs</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Investments in<br>
                    Securities</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>Assets</b></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Level 1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">56,743,907</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Level 2</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,211,593,003</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Level 3</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Total</b> </font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,268,336,910</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">25</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE><br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="3">Schedule of Investments</font> <font size="2">January 31, 2009 (Unaudited)</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font style="FONT-SIZE: 9pt" size="2"><b>BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Michigan &mdash; 142.4%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>County/City/Special District/School District &mdash; 34.6%</b> </font></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="2">Adrian, Michigan, City School District, GO, 5%, 5/01/14 (a)(e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,400</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,794,224</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Anchor Bay, Michigan, School District, School Building and Site, GO, Series II, 5.75%, 5/01/10 (a)(c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,165</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,363,857</font></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="2">Bullock Creek, Michigan, School District, GO, 5.50%, 5/01/10 (a)(d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,150</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,279,237</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Detroit, Michigan, City School District, GO:</font></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: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(School Building and Site Improvement), Series A, 5%, 5/01/13 (a)(c)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,289,080</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(School Building and Site Improvement), Series A, 5.375%, 5/01/13 (a)(c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,480</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,716,711</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(School Building and Site Improvement), Series B, 5%, 5/01/28 (c)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,779,312</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5.50%, 5/01/12 (a)(e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,700</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,924,315</font></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="2">East Grand Rapids, Michigan, Public School District, GO, 6%, 5/01/09 (a)(e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,300</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,388,326</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Eaton Rapids, Michigan, Public Schools, School Building and Site, GO, 5.25%, 5/01/23 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,077,300</font></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="2">Gibraltar, Michigan, School District, GO (School Building and Site) (c):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 5/01/14 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,065</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,568,457</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 5/01/28</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">585</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">585,222</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Grand Blanc, Michigan, Community Schools, GO (c)(d):</font></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: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.625%, 5/01/17</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,086,990</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.625%, 5/01/18</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,068,810</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.625%, 5/01/19</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,100</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,175,691</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Harper Woods, Michigan, City School District, School Building and Site, GO, Refunding (c):</font></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: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 5/01/14 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">215</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">250,316</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 5/01/34</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,692</font></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="2">Hartland, Michigan, Consolidated School District, GO, 6%, 5/01/10 (a)(c)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,798,485</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Haslett, Michigan, Public School District, School Building and Site, GO,, 5.625%, 11/01/11 (a)(d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,275</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,428,370</font></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="2">Jackson, Michigan, Public Schools, GO, 5.375%, 5/01/10 (a)(c)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,975</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,207,736</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Lakewood, Michigan, Public Schools, GO, DRIVERS, Series 2624Z, 9.547%, 5/01/15 (e)(f)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,188</font></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="2">Ludington, Michigan, Area School District, GO, 5.25%, 5/01/23 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,440</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,510,790</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New Lothrop, Michigan, Area Public Schools, School Building and Site, GO, 5%, 5/01/35 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,200</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,170,780</font></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="2">Reed, Michigan, City Public Schools, School Building and Site, GO, 5%, 5/01/14 (a)(e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,164,260</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Southfield, Michigan, Public Schools, School Building and Site, GO, Series A, 5%, 5/01/14 (a)(e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,162,620</font></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="2">Sparta, Michigan, Area Schools, School Building and Site, GO, 5%, 5/01/14 (a)(c)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,164,260</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Thornapple Kellogg School District, Michigan, GO, Refunding, 5%, 5/01/32 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,471,575</font></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="2">Zeeland, Michigan, Public Schools, School Building and Site, GO, 5%, 5/01/29 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,230</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,212,952</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">51,651,556</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Michigan (continued)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Education &mdash; 6.2%</b></font></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="2">Michigan Higher Education Facilities Authority, Limited Obligation Revenue Bonds (Hillsdale College Project), 5%, 3/01/35</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,125</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">925,189</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds:</font></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: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(College for Creative Studies), 5.85%, 6/01/12 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">550</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">625,438</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(College for Creative Studies), 5.90%, 6/01/12 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,138,770</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Hope College), Series A, 5.90%, 4/01/32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">817,780</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Michigan Higher Education Student Loan Authority, Student Loan Revenue Bonds, AMT, Series XVII-Q, 5%, 3/01/31 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">342,510</font></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="2">Michigan State Building Authority Revenue Bonds (Facilities Program), Series II, 5.10%, 10/15/09 (b)(h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,185</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,177,001</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Saginaw Valley State University, Michigan, General Revenue Refunding Bonds, 5%, 7/01/24 (c)(d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,450</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,426,989</font></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="2">South Lyon, Michigan, Community Schools, GO, Series A, 5.75%, 5/01/10 (a)(d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,650</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,817,533</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,271,210</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Hospitals/Health Care &mdash; 25.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Dickinson County, Michigan, Healthcare System, Hospital Revenue Refunding Bonds, 5.80%, 11/01/24 (g)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,170</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,744,723</font></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="2">Flint, Michigan, Hospital Building Authority, Revenue Refunding Bonds (Hurley Medical Center), Series A (g):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.375%, 7/01/20</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">385</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">282,451</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6%, 7/01/20</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">775</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">605,097</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Kent, Michigan, Hospital Finance Authority Revenue Bonds (Spectrum Health), Series A, 5.50%, 7/15/11 (a)(d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,331,380</font></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="2">Michigan State Hospital Finance Authority, Hospital Revenue Bonds (Mid-Michigan Obligation Group), Series A, 5.50%, 4/15/18 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,008,290</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds:</font></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: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Crittenton Hospital), Series A, 5.625%, 3/01/27</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,300</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,096,966</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Oakwood Obligated Group), Series A, 5%, 7/15/25</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,110</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,541,865</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Oakwood Obligated Group), Series A, 5%, 7/15/37</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,340</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,378,481</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Sparrow Obligated Group), 5%, 11/15/31</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,595</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,174,877</font></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="2">Michigan State Hospital Finance Authority Revenue Bonds:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(McLaren Health Care Corporation), Series C, 5%, 8/01/35</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,585</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,128,932</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Mercy Health Services), Series R, 5.375%, 8/15/26 (b)(h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,005,960</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Trinity Health Credit Group), Series A, 6.125%, 12/01/23</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">940</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">988,466</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Trinity Health Credit Group), Series A, 6.25%, 12/01/28</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">570</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">580,836</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Trinity Health Credit Group), Series A, 6.50%, 12/01/33</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,400</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,433,740</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">26</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="top" nowrap>
                    <p align="right"><font size="2"><b>BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Michigan (continued)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Hospitals/Health Care (concluded)</b></font></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="2">Michigan State Hospital Finance Authority, Revenue Refunding Bonds:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Ascension Health Credit), Series A, 6.25%, 11/15/09 (a)(d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,760</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,967,101</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(McLaren Health Care Corporation), 5.75%, 5/15/38</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,202,160</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Trinity Health Credit Group), Series A, 6%, 12/01/20</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,400</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,446,410</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Trinity Health Credit Group), Series C, 5.375%, 12/01/23</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,003,530</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Trinity Health Credit Group), Series A, 6%, 12/01/27 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,542,130</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Trinity Health Credit Group), Series C, 5.375%, 12/01/30</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,950</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,804,803</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">(Trinity Health Credit Group), Series D, 5%, 8/15/34</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,650</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,412,746</font></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="2">Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds (William Beaumont Hospital), 8.25%, 9/01/39</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,021,760</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">37,702,704</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Housing &mdash; 2.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Michigan State, HDA, Limited Obligation M/F Housing Revenue Bonds (Deaconess Towers Apartments), AMT, 5.25%, 2/20/48 (i)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">842,180</font></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="2">Michigan State, HDA, Rental Housing Revenue Bonds, AMT:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series A, 5.30%, 10/01/37 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">25</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">21,700</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series B, 4.85%, 10/01/37 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,203,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series D, 5.125%, 4/01/31 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,308,270</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,376,050</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>IDA/PCR/Resource Recovery &mdash; 17.8%</b></font></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="2">Delta County, Michigan, Economic Development Corporation, Environmental Improvement Revenue Refunding Bonds (Mead Westvaco-Escanaba), Series A, 6.25%, 4/15/12 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,420</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,770,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Dickinson County, Michigan, Economic Development Corporation, Environmental Improvement Revenue Refunding Bonds (International Paper Company Project), Series A, 5.75%, 6/01/16</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,101,025</font></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="2">Michigan State, COP, Refunding (New Center Development Inc.), 5.75%, 9/01/11 (d)(h)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,045</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,622,249</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit Edison Company Pollution Control Project), AMT, Series A, 5.55%, 9/01/29 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,838,640</font></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="2">Monroe County, Michigan, Economic Development Corporation, Limited Obligation Revenue Refunding Bonds (Detroit Edison Co. Project), Series AA, 6.95%, 9/01/22 (c)(d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,568,925</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Pontiac, Michigan, Tax Increment Finance Authority, Revenue Refunding Bonds (Development Area Number 3), 5.375%, 6/01/12 (a)(g)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">640</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">724,013</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">26,625,752</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt" align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td 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"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Michigan (continued)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Lease Obligations &mdash; 9.4%</b></font></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="2">Grand Rapids, Michigan, Building Authority Revenue Bonds, Series A, 5.50%, 10/01/12 (a)(b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">665</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">763,207</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Michigan State Building Authority Revenue Bonds (Facilities Program), Series II, 5.20%, 10/15/10 (b)(h)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,675</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,631,266</font></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="2">Michigan State Building Authority, Revenue Refunding Bonds (Facilities Program):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series I, 5.50%, 10/15/10 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,449,960</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series I, 6.25%, 10/15/38</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,350</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,456,149</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Series II, 5%, 10/15/29 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,812,860</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">14,113,442</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Special Tax &mdash; 0.7%</b></font></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="2">Wayne Charter County, Michigan, Detroit Metropolitan Airport, GO, Airport Hotel, Series A, 5%, 12/01/30 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,180</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,108,303</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>State &mdash; 2.2%</b></font></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="2">Michigan Higher Education Student Loan Authority, Student Loan Revenue Bonds, AMT, Series XVII-B, 5.40%, 6/01/18 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,691,810</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Oak Park, Michigan, Street Improvement, GO, 5%, 5/01/30 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">600</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">564,054</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,255,864</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Transportation &mdash; 16.2%</b></font></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="2">Wayne Charter County, Michigan, Airport Revenue Bonds (Detroit Metropolitan Wayne County), AMT, Series A, 5.375%, 12/01/15 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,553,495</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Wayne County, Michigan, Airport Authority Revenue Bonds (Detroit Metropolitan Wayne County Airport), AMT (d):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 12/01/25</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,475</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,923,770</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 12/01/26</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,700</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,215,485</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 12/01/34</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,200</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,026,100</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Wayne County, Michigan, Airport Authority, Revenue Refunding Bonds, AMT (j):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.75%, 12/01/26</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,060</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,880,929</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.375%, 12/01/32</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,300</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,657,580</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">24,257,359</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">27</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="top" nowrap>
                    <p align="right"><font size="2"><b>BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>(000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Michigan (concluded)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Electric &amp; Gas &mdash; 10.4%</b></font></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="2">Michigan State Strategic Fund, Limited Obligation Revenue Refunding Bonds (Detroit Edison Company Pollution Control Project), Series AA, 6.95%, 5/01/11 (c)(d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,157,920</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Saint Clair County, Michigan, Economic Revenue Refunding Bonds (Detroit Edison Co. Project), Series AA, 6.40%, 8/01/24 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,293,020</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,450,940</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Water &amp; Sewer &mdash; 17.3%</b></font></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="2">Detroit, Michigan, Water Supply System Revenue Bonds:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Second Lien, Series B, 5%, 7/01/13 (a)(d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,780</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,031,496</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Second Lien, Series B, 5%, 7/01/34 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,620</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,128,619</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Senior Lien, Series A, 5.75%, 7/01/11 (a)(c)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,113,040</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Senior Lien, Series A, 5%, 7/01/13 (a)(d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,426,612</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Senior Lien, Series A, 5%, 7/01/25 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,460</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,155,555</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Senior Lien, Series A, 5%, 7/01/34 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,600</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,737,270</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Detroit, Michigan, Water Supply System, Revenue Refunding Bonds, Second Lien, Series C, 5%, 7/01/29 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,475</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,561,572</font></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="2">Grand Rapids, Michigan, Sanitation Sewer System Revenue Refunding and Improvement Bonds, Series A, 5.50%, 1/01/22 (c)(d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,641,060</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Wyoming, Michigan, Sewage Disposal System Revenue Bonds, 5%, 6/01/30 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,300</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,981,841</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">25,777,065</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Municipal Bonds in Michigan</b></font></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"><font size="2">212,590,245</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Puerto Rico &mdash; 6.9%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Lease Obligations &mdash; 2.6%</b></font></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="2">Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series M-3, 6%, 7/01/27 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,200</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,958,920</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Special Tax &mdash; 1.5%</b></font></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="2">Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Refunding Bonds, Series A, 5.05%, 8/01/46 (d)(k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">30,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,205,300</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>State &mdash; 0.8%</b></font></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="2">Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Refunding Bonds, Series A, 5.01%, 8/01/43 (d)(k)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,145,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="66%">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt" align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td 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"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>(000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Puerto Rico (concluded)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Transportation &mdash; 2.0%</b></font></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="2">Puerto Rico Commonwealth Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series CC, 5.50%, 7/01/31 (j)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,026,880</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Municipal Bonds in Puerto Rico</b></font></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"><font size="2">10,336,600</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Municipal Bonds &mdash; 149.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">222,926,845</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td 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 (l)</b></font></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">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>California &mdash; 11.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>County/City/Special District/ School District &mdash; 6.2%</b></font></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="2">Lakewood, Michigan, Public Schools, School Building and Site, GO, 5%,<br>
                    5/01/37 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,150</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,035,580</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Portage, Michigan, Public Schools, School Building and Site, GO, 5%, 5/01/31 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,850</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,808,390</font></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="2">Saginaw Valley State University, Michigan, Revenue Refunding Bonds, 5%, 7/01/31 (e)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,402,175</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,246,145</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Education &mdash; 5.1%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Wayne State University, Michigan, University Revenue Refunding Bonds, 5%, 11/15/35 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,790</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,598,522</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Municipal Bonds Transferred to Tender Option Bond Trusts &mdash; 11.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">16,844,667</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Total Long-Term Investments<br>
                    (Cost &mdash; $250,749,866) &mdash; 160.6%</b></font></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"><font size="2">239,771,512</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="12%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="12%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1"><b>Short-Term Securities</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Shares</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Money Market Fund &mdash; 2.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">CMA Michigan Municipal Money Fund, 0.26% (m)(n)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,413,904</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,413,904</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2"><b>Total Short-Term Securities<br>
                    (Cost &mdash; $3,413,904) &mdash; 2.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,413,904</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Investments (Cost &mdash; $254,163,770*) &mdash; 162.9%</b></font></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"><font size="2">243,185,416</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Other Assets Less Liabilities &mdash; 1.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,574,610</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Liability for Trust Certificates, Including Interest Expense<br>
                    and Fees Payable &mdash; (6.1)%</b></font></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"><font size="2">(9,075,873</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Preferred Shares, at Redemption Value &mdash; (58.5)%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(87,359,948</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Net Assets Applicable to Common Shares &mdash; 100.0%</b></font></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><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">149,324,205</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">28</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="45%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (concluded)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="78%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">*</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:</font></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>&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>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Aggregate cost</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">245,177,173</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Gross unrealized appreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,113,712</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Gross unrealized depreciation</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(19,135,469</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Net unrealized depreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(11,021,757</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(a)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(b)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">AMBAC Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(c)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FGIC Insured. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(d)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">MBIA Insured. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(e)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FSA Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(f)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Variable rate security. Rate shown is as of report date. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(g)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">ACA Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(h)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Security is collateralized by Municipal or U.S. Treasury Obligations. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(i)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">GNMA Collateralized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(j)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Assured Guaranty Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(k)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(l)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Securities represent bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(m)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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 cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="66%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="11%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="11%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Net</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1"><b>Affiliate</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Activity</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Income</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">CMA Michigan Municipal Money Fund</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(567,373</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">33,262</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="90%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(n)</font></p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">Represents the current yield as of report date.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, &ldquo;Fair Value Measurements&rdquo; (&ldquo;FAS 157&rdquo;). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as
                    follows:</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 1 &mdash; price quotations in active markets/exchanges for identical securities</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 2 &mdash; other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 3 &mdash; unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Fund&rsquo;s own assumption used in determining the fair value of investments)</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund&rsquo;s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</font></p>

        <p><font size="2">The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Fund&rsquo;s investments:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="82%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Investments in</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Valuation Inputs</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Securities</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Assets</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Level 1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,413,904</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Level 2</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">239,771,512</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Level 3</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Total</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">243,185,416</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">29</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="48%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="52%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments </font><font size="2">January 31, 2009 (Unaudited)</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniYield New York Insured Fund, Inc. (MYN)</b> </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b> </font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="67%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="12%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="12%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>New York &mdash; 127.1%</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><b>County/City/Special District/School District &mdash; 31.2%</b></font></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="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Buffalo, New York, School, GO, Series D (d)(e):</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.50%, 12/15/14</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,250</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,343,425</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.50%, 12/15/16</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,594,245</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Erie County, New York, IDA, School Facility Revenue Bonds (City of Buffalo Project), 5.75%, 5/01/20 (a)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,900</font></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"><font size="2">1,977,387</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series A:</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">4.50%, 2/15/47 (d)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,275</font></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"><font size="2">11,963,590</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 2/15/47 (e)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12,150</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,245,056</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Huntington, New York, GO, Refunding (b):</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.50%, 4/15/11</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">485</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">527,462</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.50%, 4/15/12</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">460</font></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"><font size="2">515,674</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.50%, 4/15/13</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">455</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">520,279</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.50%, 4/15/14</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">450</font></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"><font size="2">523,382</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.50%, 4/15/15</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">450</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">531,792</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Ilion, New York, Central School District, GO, Series B, 5.50%, 6/15/10 (e)(h)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,675</font></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"><font size="2">1,803,288</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium Project), 6.375%, 1/01/39 (g)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,014,240</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City Transit Authority, Metropolitan Transportation Authority, Triborough, COP, Series A, 5.625%, 1/01/12 (b)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,020</font></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"><font size="2">1,060,555</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City Transitional Finance Authority, Building Aid Revenue Bonds:</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series S-1, 5.50%, 7/15/38 (g)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,000</font></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"><font size="2">5,939,340</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series S-2, 4.25%, 1/15/34 (d)(e)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,980</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,774,731</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series S-2, 5%, 1/15/37 (a)(e)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></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"><font size="2">4,754,450</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City Transitional Finance Authority, Building Aid Revenue Refunding Bonds, Series S-1, 4.50%, 1/15/38</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,676,460</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City Transitional Finance Authority, Future Tax Secured Revenue Bonds:</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series C, 5%, 2/01/33 (e)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">16,195</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,475,942</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series E, 5.25%, 2/01/22 (d)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,500</font></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"><font size="2">2,596,250</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City Transitional Finance Authority, Future Tax Secured, Revenue Refunding Bonds:</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5%, 11/15/26 (e)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></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"><font size="2">1,004,380</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series D, 5.25%, 2/01/21 (d)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,145,680</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, GO, Refunding, Series B, 7%, 2/01/18 (b)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">70</font></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"><font size="2">70,326</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, GO, Series B, 5.75%, 8/01/13 (d)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,280</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,367,309</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York Convention Center Development Corporation, New York, Revenue Bonds (Hotel Unit Fee Secured) (b):</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 11/15/30</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,349,070</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 11/15/35</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">33,750</font></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"><font size="2">30,098,250</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 11/15/44</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,470</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,638,484</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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="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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>New York (continued)</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>County/City/Special District/School District (concluded)</b></font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, Non-State Supported Debt, Lease Revenue Bonds (Municipal Health Facilities Improvement Program), Sub-Series 2-5, 5%, 1/15/32</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">467,610</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds (School District Financing Program), Series B, 5%, 4/01/36 (a)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,000</font></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"><font size="2">5,700,540</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, State Supported Debt Revenue Bonds (Mental Health Services Facilities) (a):</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">AMT, Series C, 5.40%, 2/15/33</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,460</font></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"><font size="2">5,497,395</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5%, 2/15/33</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,400</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,014,980</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">North Hempstead, New York, GO, Refunding, Series B (d)(e):</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6.40%, 4/01/13</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,745</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,035,385</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6.40%, 4/01/17</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">555</font></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"><font size="2">684,903</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Rochester, New York, Housing Authority, Mortgage Revenue Bonds (Andrews Terrace Apartments Project), AMT, 4.70%, 12/20/38 (l)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,180,290</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Syracuse, New York, IDA, PILOT Revenue Bonds (Carousel Center Project), AMT, Series A, 5%, 1/01/36 (m)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,500</font></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"><font size="2">8,595,905</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">145,688,055</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Education &mdash; 4.9%</b></font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Madison County, New York, IDA, Civic Facility Revenue Bonds (Colgate University Project), Series A (b):</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 7/01/30</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,410</font></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"><font size="2">5,163,412</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 7/01/35</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,966,780</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City IDA, Civic Facility Revenue Refunding Bonds (Nightingale-Bamford School), 5.25%, 1/15/18 (b)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,275</font></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"><font size="2">1,361,649</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, IDA, Civic Facility Revenue Refunding Bonds (Polytechnic University), 5.25%, 11/01/37 (c)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,480</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,750,186</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, Trust for Cultural Resources Revenue Refunding Bonds (American Museum of Natural History), Series A (d):</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 7/01/36</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,048,890</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 7/01/44</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,500</font></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"><font size="2">1,398,960</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds (Mount Sinai School of Medicine of New York University), 5%, 7/01/35 (d)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,100</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,900,437</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, Revenue Refunding Bonds (City University System), Series C, 7.50%, 7/01/10 (e)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,740</font></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"><font size="2">1,824,025</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Rensselaer County, New York, IDA, Civic Facility Revenue Bonds (Rensselaer Polytechnic Institute), Series B, 5.50%, 8/01/22 (b)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,255</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,281,305</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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="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="bottom">
                    <p align="right"><font size="2">22,695,644</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">30</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT </font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="40%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="60%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniYield New York Insured Fund, Inc. (MYN)</b> </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b> </font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="67%">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p>&nbsp;</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="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>New York (continued)</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Hospitals/Health Care &mdash; 7.4%</b></font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Nassau Health Care Corporation, New York, Health System Revenue Bonds, 5.75%, 8/01/09 (a)(i)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,830</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,317,025</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City IDA, Parking Facility Revenue Bonds (Royal Charter Properties Inc. &mdash; The New York and Pennsylvania Hospital Leasehold Project), 5.75%, 12/15/29 (a)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,970</font></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"><font size="2">8,090,985</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, Mortgage Revenue Bonds (Montefiore Medical Center), 5%, 8/01/33 (d)(e)(f)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,286,805</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds (Presbyterian Hospital of New York), 5%, 8/15/36 (a)(f)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></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"><font size="2">4,510,050</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority Revenue Bonds:</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Eger Health Care and Rehabilitation Center), 6.10%, 8/01/37 (f)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,905</font></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"><font size="2">2,924,957</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(New York State Rehabilitation Association), Series A, 5.25%, 7/01/19 (j)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,180</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,221,276</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(New York State Rehabilitation Association), Series A, 5.125%, 7/01/23 (j)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></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"><font size="2">1,022,150</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series B, 6.50%, 2/15/11 (d)(h)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,111,410</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, State Supported Debt Revenue Bonds (Mental Health Facilities), Series B, 5.25%, 2/15/14 (i)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,570</font></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"><font size="2">1,851,752</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Oneida County, New York, IDA, Civic Facilities Revenue Bonds (Mohawk Valley), Series A, 5.20%, 2/01/13 (a)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,365</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,390,471</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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="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="bottom">
                    <p align="right"><font size="2">34,726,881</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Housing &mdash; 3.9%</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Monroe County, New York, IDA, Revenue Bonds (Southview Towers Project), AMT:</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6.125%, 2/01/20</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,295</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,317,883</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6.25%, 2/01/31</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,125</font></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"><font size="2">1,091,036</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City Housing Development Corporation, M/F Housing Revenue Bonds, AMT:</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series C, 5%, 11/01/26</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,500</font></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"><font size="2">1,363,305</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series C, 5.05%, 11/01/36</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,612,300</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series H-1, 4.70%, 11/01/40</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,340</font></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"><font size="2">1,008,873</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority Revenue Bonds, (Upstate Community Colleges), Series A, 6%, 7/01/10 (a)(i)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,780</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,932,225</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State, HFA, M/F Housing Revenue Bonds (Saint Philips Housing), AMT, Series A, 4.65%, 11/15/38 (k)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,750</font></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"><font size="2">3,188,400</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, AMT, Series 143, 4.90%, 10/01/37</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">804,040</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Mortgage Agency, Homeowner Mortgage Revenue Refunding Bonds, AMT:</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series 133, 4.95%, 10/01/21</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,540</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,517,116</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series 143, 4.85%, 10/01/27 (d)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,485</font></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"><font size="2">2,168,983</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Yonkers, New York, IDA, Revenue Bonds (Monastery Manor associates LP Project), AMT, 5.25%, 4/01/37</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,445</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,014,215</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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="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="bottom">
                    <p align="right"><font size="2">18,018,376</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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="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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</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="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>New York (continued)</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>IDA/PCR/Resource Recovery &mdash; 15.7%</b></font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City IDA, IDR (Japan Airlines Company), AMT, 6%, 11/01/15 (a)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,909,381</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City IDA, PILOT Revenue Bonds:</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Queens Baseball Stadium Project), 5%, 1/01/36 (b)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,800</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,228,190</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Queens Baseball Stadium Project), 5%, 1/01/39 (b)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,250</font></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"><font size="2">4,053,420</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Queens Baseball Stadium Project), 5%, 1/01/46 (b)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,437,672</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Yankee Stadium Project), 5%, 3/01/36 (d)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,650</font></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"><font size="2">3,634,254</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">(Yankee Stadium Project), 5%, 3/01/46 (e)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,557,887</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City IDA, Special Facility Revenue Refunding Bonds (Terminal One Group Association Project), AMT, 5.50%, 1/01/24</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,500</font></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"><font size="2">1,276,335</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Urban Development Corporation, Personal Income Tax Revenue Bonds Series C-1, 5%, 3/15/13 (d)(i)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,450,630</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Suffolk County, New York, IDA, IDR (Keyspan-Port Jefferson), AMT, 5.25%, 6/01/27</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,625</font></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"><font size="2">3,670,585</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Suffolk County, New York, IDA, Solid Waste Disposal Facility, Revenue Refunding Bonds (Ogden Martin System Huntington Project), AMT (b):</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6%, 10/01/10</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,530</font></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"><font size="2">8,834,180</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6.15%, 10/01/11</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,170</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,646,106</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6.25%, 10/01/12</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,470</font></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"><font size="2">6,860,917</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">73,559,557</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>State &mdash; 10.5%</b></font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5%, 10/15/32 (b)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11,200</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,955,616</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, Lease Revenue Bonds (State University Dormitory Facilities), 5%, 7/01/37 (b)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,800</font></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"><font size="2">2,634,212</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds (School District Financing Program) (a):</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5%, 10/01/35</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">550</font></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"><font size="2">522,781</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series C, 5%, 10/01/37</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,050</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,837,375</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority Revenue Bonds (School Districts Financing Program), Series E, 5.75%, 10/01/30 (d)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,900</font></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"><font size="2">6,974,244</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, Revenue Refunding Bonds (School District Financing Program), Series I, 5.75%, 10/01/18 (d)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,370</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,514,590</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, State Personal Income Tax Revenue Bonds (Education), Series B, 5.75%, 3/15/36</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,850</font></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"><font size="2">8,173,498</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Thruway Authority, Highway and Bridge Trust Fund, Second Generation Revenue Bonds, Series B, 5%, 4/01/27</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,484,010</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p align="left"><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">31</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="40%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="60%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniYield New York Insured Fund, Inc. (MYN)</b> </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1"><b>(Percentages shown are based on Net Assets)</b> </font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="67%">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p>&nbsp;</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="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>New York (continued)</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>State (concluded)</b></font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Thruway Authority, Second General Highway and Bridge Trust Fund Revenue Bonds, Series A, 5%, 4/01/26 (b)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,380</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,379,693</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Urban Development Corporation, Personal Income Tax Revenue Bonds (State Facilities), Series A-1, 5%, 3/15/29 (d)(e)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></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"><font size="2">4,924,900</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Urban Development Corporation, Revenue Refunding Bonds (Correctional Capital Facilities), Series A, 6.50%, 1/01/11 (a)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,190</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,463,989</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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="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="bottom">
                    <p align="right"><font size="2">48,864,908</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Tobacco &mdash; 1.9%</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Tobacco Settlement Financing Corporation of New York Revenue Bonds:</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A-1, 5.25%, 6/01/20 (b)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,086,800</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A-1, 5.25%, 6/01/22 (b)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,000</font></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"><font size="2">2,016,800</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series C-1, 5.50%, 6/01/22</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,934,257</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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="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="bottom">
                    <p align="right"><font size="2">9,037,857</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Transportation &mdash; 34.0%</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue Bonds, Series A, 5%, 11/15/35 (d)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></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"><font size="2">4,521,750</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Revenue Refunding Bonds, Series A:</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 11/15/30 (d)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,600</font></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"><font size="2">6,199,314</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 11/15/32 (a)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,015</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">936,764</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Metropolitan Transportation Authority, New York, Revenue Bonds, Series C, 6.50%, 11/15/28</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,200</font></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"><font size="2">3,443,200</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Metropolitan Transportation Authority, New York, Revenue Refunding Bonds:</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5.125%, 11/15/22 (d)(e)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,390</font></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"><font size="2">1,418,815</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5.125%, 11/15/31 (g)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,875</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,490,619</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5.25%, 11/15/31 (d)(e)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,500</font></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"><font size="2">2,409,700</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5.75%, 11/15/32 (c)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">29,300</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">29,544,948</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series B, 5%, 11/15/28 (d)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,500</font></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"><font size="2">1,438,035</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Metropolitan Transportation Authority, New York, Transit Facilities Revenue Refunding Bonds, Series C, 5.125%, 7/01/12 (a)(i)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,640</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,854,414</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series F (d):</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.25%, 11/15/12 (i)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,235</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,158,154</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 11/15/31</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></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"><font size="2">4,658,600</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Thruway Authority, General Revenue Bonds, Series F, 5%, 1/01/30 (b)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,636,700</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Thruway Authority, General Revenue Refunding Bonds (a):</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series G, 4.75%, 1/01/29</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,865,170</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series G, 4.75%, 1/01/30</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,000</font></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"><font size="2">8,389,080</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series H, 5%, 1/01/37 (b)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,412,400</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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="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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</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="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>New York (continued)</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Transportation (concluded)</b></font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Niagara, New York, Frontier Authority, Airport Revenue Bonds (Buffalo Niagara International Airport), Series B, 5.50%, 4/01/19 (d)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,705</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,734,836</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Port Authority of New York and New Jersey, Consolidated Revenue Bonds, AMT, 141st Series, 4.50%, 9/01/35 (j)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></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"><font size="2">748,430</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Port Authority of New York and New Jersey, Special Obligation Revenue Bonds (JFK International Air Terminal LLC), AMT, Series 6 (d):</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6.25%, 12/01/10</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,750</font></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"><font size="2">14,952,960</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6.25%, 12/01/11</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,175</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,241,440</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6.25%, 12/01/13</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,425</font></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"><font size="2">4,345,704</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6.25%, 12/01/14</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,380</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,147,751</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.75%, 12/01/22</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,160</font></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"><font size="2">8,157,464</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.75%, 12/01/25</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,676,870</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, Series Y, 6%, 1/01/12 (d)(h)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,790</font></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"><font size="2">1,943,403</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Triborough Bridge and Tunnel Authority, New York, Subordinate Revenue Bonds:</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 11/15/28 (b)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,465</font></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"><font size="2">2,464,827</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5.25%, 11/15/30 (d)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,014,640</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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="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="bottom">
                    <p align="right"><font size="2">158,805,988</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Electric &amp; Gas &mdash; 7.2%</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Long Island Power Authority, New York, Electric System Revenue Bonds, Series A (b):</font></p>
                </td>

                <td valign="top">
                    <p>&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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 9/01/29</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,466,110</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5%, 9/01/34</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,750</font></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"><font size="2">6,937,645</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Long Island Power Authority, New York, Electric System Revenue Refunding Bonds (g):</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 6%, 5/01/33</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,500</font></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"><font size="2">1,556,835</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5.75%, 4/01/39</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,015</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,050,464</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series B, 5%, 12/01/35 (a)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,000</font></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"><font size="2">3,801,480</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Energy Research and Development Authority, Gas Facilities Revenue Refunding Bonds (Brooklyn Union Gas Company/Keyspan), AMT, Series A, 4.70%, 2/01/24 (e)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">16,250</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,829,075</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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="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="bottom">
                    <p align="right"><font size="2">33,641,609</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Water &amp; Sewer &mdash; 8.9%</b></font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Buffalo, New York, Sewer Authority, Revenue Refunding Bonds, Series F, 6%, 7/01/13 (d)(e)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,300</font></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"><font size="2">4,608,783</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.75%, 6/15/11 (d)(i)</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">24,650</font></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"><font size="2">27,428,548</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">4.25%, 6/15/39 (a)</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,050</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">851,676</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.75%, 6/15/40</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,600</font></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"><font size="2">1,680,400</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">32</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT </font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="43%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="56%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield New York Insured Fund, Inc. (MYN)</b><b><br>
                    </b><font size="1"><b>(Percentages shown are based on Net Assets)</b></font></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>New York (concluded)</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Utilities &mdash; Water &amp; Sewer (concluded)</b></font></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="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Revenue Refunding Bonds:</font></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">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5.125%, 6/15/34 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,250</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,216,188</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series A, 5%, 6/15/35 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,337,215</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series C, 5%, 6/15/35 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">975</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">929,653</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">Series F, 5%, 6/15/29 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">494,305</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" nowrap>
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Niagara Falls, New York, GO (Water Treatment Plant), AMT, 7.25%, 11/01/10 (d)(h)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,108,860</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">41,655,628</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Irrigation, Resource Recovery, Solid Waste &amp; Others &mdash; 0.7%</b></font></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="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Dutchess County, New York, Resource Recovery Agency Revenue Bonds (Solid Waste System-Forward), Series A, 5.40%, 1/01/13 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,700</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,787,907</font></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="2">North Country, New York, Development Authority, Solid Waste Management System, Revenue Refunding Bonds, 6%, 5/15/15 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,260</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,408,491</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,196,398</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utility &mdash; 0.8%</b></font></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="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Environmental Facilities Corporation, Special Obligation Revenue Refunding Bonds (Riverbank State Park), 6.25%, 4/01/12 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,749,515</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total New York Municipal Bonds &mdash; 127.1%</b></font></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"><font size="2">593,640,416</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Guam &mdash; 0.8%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Transportation &mdash; 0.8%</b></font></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="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">A.B. Won Guam International Airport Authority, General Revenue Refunding Bonds, AMT, Series C (d):</font></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">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.25%, 10/01/21</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,240</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,062,301</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.25%, 10/01/22</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,050</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,844,918</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Guam Municipal Bonds &mdash; 0.8%</b></font></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"><font size="2">3,907,219</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Puerto Rico &mdash; 11.8%</b></font></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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>County/City/Special District/School District &mdash; 1.8%</b></font></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="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Puerto Rico Commonwealth, GO, Refunding, Sub-Series C-7 (d):</font></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">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6%, 7/01/27</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,885,200</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">6%, 7/01/28</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,775</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,468,540</font></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="2">Puerto Rico Municipal Finance Agency, GO, Series A,5%, 8/01/30 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,889,240</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr bgcolor="#e6e6e6">
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,242,980</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Housing &mdash; 0.8%</b></font></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="#e6e6e6">
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Puerto Rico Housing Financing Authority, Capital Funding Program, Subordinate Revenue Refunding Bonds, 5.125%, 12/01/27</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,926,280</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</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 align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Puerto Rico (concluded)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>State &mdash; 3.0%</b></font></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="2">Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital Appreciation Revenue Bonds, Series A (n):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">4.62%, 7/01/31 (e)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">22,030</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,090,530</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">4.67%, 7/01/35 (b)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">530,127</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.05%, 7/01/43 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">599,040</font></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="2">Puerto Rico Commonwealth, Public Improvement, GO, Refunding, Series A, 5.50%, 7/01/20 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,943,800</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series A, 5%, 7/01/31 (b)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,252,240</font></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="2">Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series M-3, 6%, 7/01/28 (d)(o)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,850</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,667,087</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series E, 5.50%, 2/01/12 (i)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">700</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">776,615</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,859,439</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Transportation &mdash; 4.3%</b></font></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="2">Puerto Rico Commonwealth Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series CC (a):</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.50%, 7/01/31</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,044,800</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.25%, 7/01/33</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">970,500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.25%, 7/01/34</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,863,760</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.25%, 7/01/36</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,750</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,612,750</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Bonds, Series G (e):</font></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: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.25%, 7/01/13 (i)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">655</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">764,536</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.25%, 7/01/19</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,265</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,114,695</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2">5.25%, 7/01/21</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">345</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">316,883</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Refunding Bonds, Series D, 5.75%, 7/01/12 (i)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,393,360</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">20,081,284</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Utilities &mdash; Water &amp; Sewer &mdash; 1.9%</b></font></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="2">Puerto Rico Commonwealth Aqueduct and Sewer Authority, Senior Lien Revenue Bonds, Series A, 5.125%, 7/01/47 (g)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,980</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,098,797</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Puerto Rico Municipal Bonds &mdash; 11.8%</b></font></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"><font size="2">55,208,780</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Municipal Bonds &mdash; 139.7%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">652,756,415</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p align="left"><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">33</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="38%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="61%">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (continued)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield New York Insured Fund, Inc. (MYN)</b><font size="1"><b><br>
                    </b><b>(Percentages shown are based on Net Assets)</b></font></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Municipal Bonds Transferred to<br>
                    Tender Option Bond Trusts (p)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Par<br>
                    (000)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Value</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>County/City/Special District/School District &mdash; 7.6%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue Bonds, Series A, 5%, 11/15/31 (d)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,901</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,634,796</font></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="2">New York City, New York, GO, Series J, 5%, 5/15/23</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,750</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,789,690</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds (New York University), Series A, 5%, 07/01/38</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,498</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,153,388</font></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="2">Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds, 5%, 11/15/32 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">19,678</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">18,985,808</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">35,563,682</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Education &mdash; 0.9%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Erie County, New York, IDA, School Facility Revenue Bonds (City of Buffalo Project), 5.75%, 5/01/24 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,238</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,352,536</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Special Tax &mdash; 6.3%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A (b):</font></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: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5.25%, 10/15/27</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,215,474</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">5%, 10/15/32</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,152,246</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">29,367,720</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Transportation &mdash; 3.8%</b></font></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="2">Metropolitan Transportation Authority, New York, Revenue Refunding Bonds, Series A, 5%, 11/15/30 (a)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,460</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,039,284</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Port Authority of New York and New Jersey, Consolidated Revenue Bonds, AMT, 137th Series, 5.125%, 7/15/30 (a)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,210,400</font></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="2">Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds, 5.25%, 11/15/23 (d)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7,277,620</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">17,527,304</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Municipal Bonds Transferred to Tender Option Bond Trusts &mdash; 18.6%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">86,811,242</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Total Long-Term Investments<br>
                    (Cost &mdash; $795,463,899) &mdash; 158.3%</b></font></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"><font size="2">739,567,657</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="67%">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1"><b>Short-Term Securities</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Shares</b></font></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">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Money Market Fund &mdash; 6.2%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">CMA New York Municipal Money Fund, 0.11% (q)(r) </font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">28,697,315</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">28,697,315</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2"><b>Total Short-Term Securities<br>
                    (Cost &mdash; $28,697,315) &mdash; 6.2%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">28,697,315</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Investments (Cost &mdash; $824,161,214*) &mdash; 164.5%</b></font></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"><font size="2">768,264,972</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Other Assets Less Liabilities &mdash; 1.9%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,725,634</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Liability for Trust Certificates, Including Interest Expense<br>
                    and Fees Payable &mdash; (10.8)%</b></font></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"><font size="2">(50,393,876</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Preferred Shares, at Redemption Value &mdash; (55.6)%</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(259,530,603</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Net Assets Applicable to Common Shares &mdash; 100.0%</b></font></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><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">467,066,127</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">*</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="77%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Aggregate cost</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">773,363,314</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Gross unrealized appreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,366,190</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Gross unrealized depreciation</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(64,564,060</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Net unrealized depreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(55,197,870</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="94%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(a)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FSA Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(b)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">AMBAC Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(c)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">ACA Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(d)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">MBIA Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(e)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FGIC Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(f)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FHA Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(g)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Assured Guaranty Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(h)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Security is collateralized by Municipal or U.S. Treasury Obligations.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(i)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(j)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">CIFG Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(k)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">FNMA Collateralized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(l)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">GNMA Collateralized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(m)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">XL Capital Insured.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(n)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(o)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Commonwealth Guaranteed.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(p)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(q)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">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 style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="65%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Affiliate</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Net<br>
                    Activity</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Income</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">CMA New York Municipal Money Fund</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,726,148</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">127,707</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">(r)</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Represents the current yield as of report date.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">34</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="38%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="61%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Schedule of Investments (concluded)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield New York Insured Fund, Inc. (MYN)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="90%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">Effective August 1, 2008, the Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, &ldquo;Fair Value Measurements&rdquo; (&ldquo;FAS 157&rdquo;). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as
                    follows:</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 1 &mdash; price quotations in active markets/exchanges for identical securities</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 2 &mdash; other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Level 3 &mdash; unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Fund&rsquo;s own assumption used in determining the fair value of investments) </font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund&rsquo;s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.</font></p>
                </td>
            </tr>
        </table>

        <p style="MARGIN-LEFT: 5%"><font size="2">The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Fund&rsquo;s investments:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="85%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Valuation Inputs</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Investments in<br>
                    Securities</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Assets</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Level 1</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">28,697,315</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Level 2</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">739,567,657</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Level 3</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>Total</b> </font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">768,264,972</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p align="left"><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">35</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Statements of Assets and Liabilities<a name="A006"></a></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="28%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>January 31, 2009 (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniHoldings<br>
                    Insured<br>
                    Fund II, Inc.<br>
                    (MUE)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    California<br>
                    Insured<br>
                    Fund, Inc.<br>
                    (MCA)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    Insured<br>
                    Fund, Inc.<br>
                    (MYI)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    Michigan<br>
                    Insured<br>
                    Fund II, Inc.<br>
                    (MYM)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    New York<br>
                    Insured<br>
                    Fund, Inc.<br>
                    (MYN)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Assets</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Investments at value &mdash; unaffiliated<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">421,411,922</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">680,247,463</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,211,593,003</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">239,771,512</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">739,567,657</font></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="2">Investments at value &mdash; affiliated<sup>2</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">26,102,900</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">29,933,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">56,743,907</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,413,904</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">28,697,315</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Cash</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">96,424</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">98,917</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">62,565</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,315</font></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="2">Investments sold receivable</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">21,354,775</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,139,060</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,230,644</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Interest receivable</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,835,285</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,968,244</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,886,425</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,286,304</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,028,236</font></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="2">Dividends receivable &mdash; affiliated</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">591</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">777</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">280</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Other assets</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">29,231</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">46,588</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">788</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">32,634</font></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="2">Prepaid expenses</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">17,771</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">27,661</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">54,307</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,539</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">30,291</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total assets</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">474,722,653</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">721,302,614</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,290,562,984</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">246,544,612</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">782,602,372</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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>

                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Liabilities</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Bank overdraft</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,963,125</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></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="2">Income dividends payable &mdash; Common Shares</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,117,621</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,838,324</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,768,975</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">651,765</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,070,913</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Investments purchased payable</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10,795,512</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,544,621</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,034,589</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,012,285</font></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="2">Investment advisory fees payable</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">172,565</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">301,488</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">540,100</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">105,680</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">325,864</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Interest expense and fees payable</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">461,561</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">479,815</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">734,615</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">45,873</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">294,348</font></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="2">Officer&rsquo;s and Directors&rsquo; fees payable</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">557</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">25,302</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">48,101</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">248</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">27,545</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Payable to other affiliates</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,340</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,808</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">25,870</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,344</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,828</font></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="2">Other accrued expenses payable</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">90,867</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">132,898</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">214,279</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">25,549</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">171,331</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Other liabilities</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">926</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total accrued liabilities</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">20,604,148</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12,326,256</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">18,367,455</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">830,459</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,906,114</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Other Liabilities</b></font></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>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Trust certificates<sup>3</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">50,863,242</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">77,169,823</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">141,910,680</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,030,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">50,099,528</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Total Liabilities</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">71,467,390</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">89,496,079</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">160,278,135</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,860,459</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">56,005,642</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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>

                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6" colspan="6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Preferred Shares at Redemption Value</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">$25,000 per share liquidation preferences, plus unpaid dividends<sup>4</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">145,312,325</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">192,327,876</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">377,256,535</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">87,359,948</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">259,530,603</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Net Assets Applicable to Common Shareholders</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">257,942,938</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">439,478,659</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">753,028,314</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">149,324,205</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">467,066,127</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">36</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Statements of Assets and Liabilities (concluded)</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="30%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="11%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>January 31, 2009 (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniHoldings<br>
                    Insured<br>
                    Fund II, Inc.<br>
                    (MUE)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    California<br>
                    Insured<br>
                    Fund, Inc.<br>
                    (MCA)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    Insured<br>
                    Fund, Inc.<br>
                    (MYI)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    Michigan<br>
                    Insured<br>
                    Fund II, Inc.<br>
                    (MYM)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    New York<br>
                    Insured<br>
                    Fund, Inc.<br>
                    (MYN)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Net Assets Consist of</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Common Shares, par value $0.10 per share<sup>5</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,235,243</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,436,120</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,730,313</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,206,972</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,944,596</font></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="2">Paid-in capital in excess of par</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">296,180,166</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">494,224,666</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">943,024,418</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">162,821,380</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">549,677,325</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Undistributed net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,230,547</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,392,995</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,891,434</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">930,629</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(140,540</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Accumulated net realized losses</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(14,148,050</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(13,647,381</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(80,252,282</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(4,656,422</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(30,519,012</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net unrealized appreciation/depreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(28,554,968</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(45,927,741</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(119,365,569</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(10,978,354</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(55,896,242</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Net Assets Applicable to Common Shareholders</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">257,942,938</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">439,478,659</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">753,028,314</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">149,324,205</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">467,066,127</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net asset value per Common Share</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.54</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12.79</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.19</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12.37</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.84</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><sup>1</sup>&nbsp;&nbsp;Investments at cost &mdash; unaffiliated</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">449,966,890</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">726,175,204</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,330,958,572</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">250,749,866</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">795,463,899</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><sup>2</sup>&nbsp;&nbsp;Investments at cost &mdash; affiliated</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">26,102,900</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">29,933,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">56,743,907</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,413,904</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">28,697,315</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><sup>3</sup>&nbsp;&nbsp;Represents short-term floating rate</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; MARGIN-RIGHT: 0in"><font size="2">certificates issued by tender option bond trusts.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><sup>4</sup>&nbsp;&nbsp;Preferred Shares outstanding:</font></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>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Par value $0.05 per share</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,941</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,379</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Par value $0.10 per share</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,812</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,692</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,087</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,553</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><sup>5</sup>&nbsp;&nbsp;Common Shares outstanding</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">22,352,426</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">34,361,200</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">67,303,125</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12,069,721</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">39,445,962</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="right"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">37</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Statements of Operations<a name="A007"></a></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="28%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Six Months Ended January 31, 2009 (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniHoldings<br>
                    Insured<br>
                    Fund II, Inc.<br>
                    (MUE)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    California<br>
                    Insured<br>
                    Fund, Inc.<br>
                    (MCA)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    Insured<br>
                    Fund, Inc.<br>
                    (MYI)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    Michigan<br>
                    Insured<br>
                    Fund II, Inc.<br>
                    (MYM)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    New York<br>
                    Insured<br>
                    Fund, Inc.<br>
                    (MYN)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Investment Income</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Interest</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,443,218</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">18,297,630</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">33,324,224</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,536,275</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">20,569,046</font></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="2">Income &mdash; affiliated</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">111,253</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">129,009</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">395,568</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">33,262</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">129,184</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,554,471</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">18,426,639</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">33,719,792</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,569,537</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">20,698,230</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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>

                <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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Expenses</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Investment advisory</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,299,560</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,872,014</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,378,896</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">637,076</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,033,962</font></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="2">Commission for Preferred Shares</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">160,710</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">199,844</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">424,646</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">95,080</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">289,971</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Accounting services</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">61,946</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">118,688</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">171,419</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">35,208</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">113,945</font></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="2">Professional</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">58,014</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">60,288</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">92,739</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">44,712</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">76,495</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Transfer agent</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">29,945</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">43,802</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">79,120</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">24,446</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">50,776</font></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="2">Officer and Directors</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">18,898</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">25,665</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">50,235</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,693</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">30,113</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Printing</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,809</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">24,288</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">44,864</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,486</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">30,409</font></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="2">Custodian</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">14,082</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">18,718</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">33,684</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,666</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">21,718</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Registration</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,064</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,062</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,886</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,020</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,586</font></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="2">Miscellaneous</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">46,317</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">53,518</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">70,409</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">38,379</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">53,197</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total expenses excluding interest expense and fees</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,710,345</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,422,887</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,358,898</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">908,766</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,708,172</font></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="2">Interest expense and fees<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">892,376</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,401,918</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,582,052</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">207,625</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,048,608</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total expenses</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,602,721</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,824,805</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,940,950</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,116,391</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,756,780</font></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="2">Less fees waived by advisor</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(329,510</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(49,331</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(53,510</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(11,327</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(52,696</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Less fees paid indirectly</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(338</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total expenses after waiver and fees paid indirectly</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,273,211</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,775,474</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,887,102</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,105,064</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,704,084</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,281,260</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,651,165</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">26,832,690</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,464,473</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,994,146</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6" colspan="5">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Realized and Unrealized Gain (Loss)</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net realized gain (loss) from:</font></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>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Investments</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(9,104,483</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(3,489,160</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(33,580,607</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">495,394</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(2,160,076</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Futures and forward interest rate swaps</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(3,603,000</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">77,657</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(9,104,483</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(3,489,160</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(37,183,607</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">495,394</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(2,082,419</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net change in unrealized appreciation/depreciation on:</font></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>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Investments</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(20,185,654</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(33,615,182</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(74,925,257</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(11,076,374</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(49,970,534</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Futures and forward interest rate swaps</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,951,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(20,185,654</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(33,615,182</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(72,974,257</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(11,076,374</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(49,970,534</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total realized and unrealized loss</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(29,290,137</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(37,104,342</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(110,157,864</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(10,580,980</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(52,052,953</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6" colspan="5">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Dividends to Preferred Shareholders From</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(2,275,573</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(3,272,982</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(6,479,584</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(1,408,108</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(4,070,709</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(22,284,450</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(25,726,159</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(89,804,758</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(6,524,615</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(39,129,516</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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>
                <td valign="bottom" colspan="5">
                    <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><sup>1</sup>&nbsp;&nbsp;Related to tender option bond trusts.</font></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>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">38</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="39%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="60%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Statements of Changes in Net Asse<a name="A008"></a>ts</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniHoldings Insured Fund II, Inc. (MUE)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="56%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Increase (Decrease) in Net Assets:</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Six Months<br>
                    Ended<br>
                    January 31,<br>
                    2009<br>
                    (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Period<br>
                    October 1,<br>
                    2007<br>
                    to July 31,<br>
                    2008</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Year Ended<br>
                    September 30,<br>
                    2007</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Operations</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,281,260</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">17,333,246</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">21,591,345</font></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="2">Net realized gain (loss)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(9,104,483</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(975,689</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,453,420</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net change in unrealized appreciation/depreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(20,185,654</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(19,379,156</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(11,297,856</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Dividends to Preferred Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(2,275,573</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(5,637,611</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(7,380,240</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(22,284,450</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(8,659,210</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,366,669</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Dividends to Common Shareholders From</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(6,705,728</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(11,176,213</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(13,813,799</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Net Assets Applicable to Common Shareholders</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total decrease in net assets applicable to Common Shares</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(28,990,178</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(19,835,423</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(9,447,130</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Beginning of period</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">286,933,116</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">306,768,539</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">316,215,669</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">End of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">257,942,938</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">286,933,116</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">306,768,539</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">End of period undistributed net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,230,547</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,930,588</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,649,057</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="right"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">39</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="37%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="62%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Statements of Changes in Net Assets</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniYield California Insured Fund, Inc. (MCA)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="57%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Increase (Decrease) in Net Assets:</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Six Months<br>
                    Ended<br>
                    January 31,<br>
                    2009<br>
                    (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Period<br>
                    November 1,<br>
                    2007<br>
                    to July 31,<br>
                    2008</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Year Ended<br>
                    October 31,<br>
                    2007</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Operations</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">14,651,165</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">23,394,239</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">31,671,735</font></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="2">Net realized gain (loss)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(3,489,160</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,506,638</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(691,224</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net change in unrealized appreciation/depreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(33,615,182</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(30,619,927</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(14,047,467</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Dividends to Preferred Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(3,272,982</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(6,754,719</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(9,517,264</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(25,726,159</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(9,473,769</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,415,780</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Dividends to Common Shareholders From</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(11,029,945</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(17,146,239</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(23,228,171</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Net Assets Applicable to Common Shareholders</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total decrease in net assets applicable to Common Shares</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(36,756,104</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(26,620,008</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(15,812,391</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Beginning of period</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">476,234,763</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">502,854,771</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">518,667,162</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">End of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">439,478,659</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">476,234,763</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">502,854,771</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">End of period undistributed net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,392,995</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,044,757</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,243,580</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">40</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Statements of Changes in Net Assets</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Insured Fund, Inc. (MYI)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="51%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1"><b>Increase (Decrease) in Net Assets:</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Six Months<br>
                    Ended<br>
                    January 31,<br>
                    2009<br>
                    (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Period<br>
                    November 1,<br>
                    2007<br>
                    to July 31,<br>
                    2008</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Year Ended</b><font size="1"><br>
                    <b>October 31,</b><br>
                    <b>2007</b></font></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Operations</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">26,832,690</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">46,868,985</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">69,741,370</font></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="2">Net realized loss</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(37,183,607</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(25,129,148</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(3,882,395</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net change in unrealized appreciation/depreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(72,974,257</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(88,495,600</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(48,971,838</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Dividends to Preferred Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(6,479,584</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(14,617,148</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(20,832,026</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net decrease in net assets applicable to Common Shareholders resulting from operations</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(89,804,758</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(81,372,911</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(3,944,889</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Dividends to Common Shareholders From</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(22,613,850</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(33,920,775</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(45,362,306</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Net Assets Applicable to Common Shareholders</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total decrease in net assets applicable to Common Shares</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(112,418,608</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(115,293,686</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(49,307,195</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Beginning of period</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">865,446,922</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">980,740,608</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,030,047,803</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">End of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">753,028,314</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">865,446,922</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">980,740,608</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">End of period undistributed net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,891,434</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,152,178</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">9,065,982</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">41</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="45%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Statements of Changes in Net Assets</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="51%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1"><b>Increase (Decrease) in Net Assets:</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Six Months<br>
                    Ended<br>
                    January 31,<br>
                    2009<br>
                    (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Period<br>
                    November 1,<br>
                    2007<br>
                    to July 31,<br>
                    2008</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Year Ended</b><font size="1"><br>
                    <b>October 31,</b><br>
                    <b>2007</b></font></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Operations</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5,464,473</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8,435,072</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,701,221</font></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="2">Net realized gain (loss)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">495,394</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(569,851</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,293,712</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net change in unrealized appreciation/depreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(11,076,374</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(10,107,046</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(6,941,533</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Dividends to Preferred Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(1,408,108</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(2,523,285</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(3,550,430</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(6,524,615</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(4,765,110</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,502,970</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Dividends to Common Shareholders From</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(3,910,589</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(6,034,861</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(8,159,131</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Net Assets Applicable to Common Shareholders</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total decrease in net assets applicable to Common Shares</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(10,435,204</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(10,799,971</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(5,656,161</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Beginning of period</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">159,759,409</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">170,559,380</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">176,215,541</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">End of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">149,324,205</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">159,759,409</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">170,559,380</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">End of period undistributed net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">930,629</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">784,853</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">906,118</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">42</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="45%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Statements of Changes in Net Assets</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield New York Insured Fund, Inc. (MYN)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="51%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1"><b>Increase (Decrease) in Net Assets:</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Six Months<br>
                    Ended<br>
                    January 31,<br>
                    2009<br>
                    (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Period<br>
                    November 1,<br>
                    2007<br>
                    to July 31,<br>
                    2008</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Year Ended</b><font size="1"><br>
                    <b>October 31,</b><br>
                    <b>2007</b></font></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Operations</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,994,146</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">26,222,090</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">33,227,508</font></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="2">Net realized gain (loss)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(2,082,419</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(2,008,655</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,647,832</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net change in unrealized appreciation/depreciation</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(49,970,534</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(28,658,722</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(16,660,442</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Dividends to Preferred Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(4,070,709</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(7,500,350</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(10,460,763</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(39,129,516</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(11,945,637</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,754,135</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Dividends to Common Shareholders From</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(12,716,342</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(19,052,400</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(25,797,659</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt"><font size="2"><b>Net Assets Applicable to Common Shareholders</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total decrease in net assets applicable to Common Shares</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(51,845,858</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(30,998,037</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(18,043,524</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Beginning of period</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">518,911,985</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">549,910,022</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">567,953,546</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">End of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">467,066,127</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">518,911,985</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">549,910,022</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">End of period distributions in excess of net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(140,540</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(347,635</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(51,182</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">43</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="3">S<a name="A009"></a>tatements of Cash Flows</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="51%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1"><b>Six Months Ended January 31, 2009 (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock<br>
                    MuniYield<br>
                    California<br>
                    Insured<br>
                    Fund, Inc.<br>
                    (MCA)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>BlackRock</b><font size="1"><br>
                    <b>MuniYield</b><br>
                    <b>Insured</b><br>
                    <b>Fund, Inc.</b><br>
                    <b>(MYI)</b></font></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Cash Provided by Operating Activities</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net decrease in net assets resulting from operations excluding dividends to Preferred Shareholders</font></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><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(22,453,177</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(83,325,174</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Decrease in receivables</font></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"><font size="2">827,140</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">317,464</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Decrease in prepaid expenses and other assets</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(10,927</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(12,170</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Increase in other liabilities</font></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"><font size="2">479</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(379,314</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2">Increase (decrease) in other liabilities</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">37,104,342</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">106,554,864</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Amortization of premium and discount on investments</font></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"><font size="2">807,509</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,599,433</font></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="2">Proceeds from sales of long-term securities</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">114,822,653</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">365,941,044</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Purchases of long-term securities</font></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"><font size="2">(31,589,559</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(203,638,761</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net purchases of short-term investments</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(32,726,747</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(20,214,501</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Cash provided by operating activities</font></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"><font size="2">66,781,713</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">169,842,885</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Cash Used for Financing Activities</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Cash receipts from trust certificates</font></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"><font size="2">33,544,140</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">60,872,278</font></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="2">Cash payments from trust certificates</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(85,904,681</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(206,592,706</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Cash dividends paid to Common Shareholders</font></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"><font size="2">(11,029,945</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(22,613,850</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Cash dividends paid to Preferred Shareholders</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(3,398,721</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">(6,662,933</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Cash used for financing activities</font></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"><font size="2">(66,789,207</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(174,997,211</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Cash</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Net decrease in cash</font></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"><font size="2">(7,494</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">(5,154,326</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Cash at beginning of period</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">103,918</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,253,243</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Cash at end of period</font></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><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">96,424</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">98,917</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Cash Flow Information</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Cash paid for interest</font></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><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,325,354</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,764,881</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">44</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="50%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="3">Financial Highlights<a name="A010"></a></font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniHoldings Insured Fund II, Inc. (MUE)</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="30%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2" rowspan="5">
                    <p align="center"><font size="1"><b>Six Months<br>
                    Ended<br>
                    January 31,<br>
                    2009<br>
                    (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2" rowspan="5">
                    <p align="center"><font size="1"><b>Period<br>
                    October 1,<br>
                    2007<br>
                    to July 31,<br>
                    2008</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="14">
                    <p align="center"><font size="1"><b>Year Ended September 30,</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="14">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2007</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2006</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2005</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2004</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2003</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Per Share Operating Performance</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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>

                <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">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net asset value, beginning of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">12.84</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.72</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.15</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.23</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.41</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.37</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.48</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.42</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.78</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.97</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.93</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.97</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.00</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.02</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net realized and unrealized gain (loss)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.32</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.91</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.45</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.03</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.09</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.00</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)<sup>2</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.17</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">Dividends to Preferred Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.10</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.25</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.33</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.29</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.18</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.09</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.10</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net increase (decrease) from investment operations</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.00</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.38</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.19</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.67</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.70</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.91</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.75</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Dividends to Common Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.30</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.50</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.62</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.75</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.88</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.87</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.86</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net asset value, end of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">11.54</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">12.84</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.72</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.15</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.23</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.41</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.37</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Market price, end of period</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">10.23</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">11.30</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">12.39</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">12.96</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">13.90</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">13.25</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">13.13</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Total Investment Return<sup>3</sup></b></font></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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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">Based on net asset value</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(7.33</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(2.41</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.73</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">5.19</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">5.35</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">7.12</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">5.95</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Based on market price</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(6.66</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(4.89</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.31</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.37</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">11.92</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">7.80</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">3.45</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6" colspan="8">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Ratios Based on Average Net Assets Applicable to Common Shareholders</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses after waiver and fees paid indirectly and excluding interest expense and fees<sup>5,6</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.06</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.15</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.17</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.16</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.15</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.12</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.14</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses after waiver and fees paid indirectly<sup>5</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.74</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.45</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.54</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.57</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.17</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.21</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses<sup>5</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.99</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.55</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.61</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.64</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.38</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.27</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.30</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income<sup>5</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">7.11</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.74</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.94</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.70</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.72</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.93</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">7.19</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Dividends to Preferred Shareholders</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.74</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">2.19</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">2.37</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">2.10</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.27</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.63</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.69</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income to Common Shareholders</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">5.37</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">4.55</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">4.57</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">4.60</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">5.45</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.30</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.50</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Supplemental Data</b></font></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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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">Net assets applicable to Common Shareholders, end of period (000)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">257,943</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">286,933</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">306,769</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">316,216</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">318,044</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">322,072</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">321,270</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Preferred Shares outstanding at liquidation preference, end of period (000)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">145,300</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">145,300</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">204,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">204,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">204,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">204,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">204,500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Portfolio turnover</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">14</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">43</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">43</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">35</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">46</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">45</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">50</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Asset coverage per Preferred Share, end of period<sup>8</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">69,383</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">74,376</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">62,514</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">63,667</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">63,881</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">64,375</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">64,279</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Based on average shares outstanding.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>2</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Amount is less than $(0.01) per share.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><sup>3</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>4</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Aggregate total investment return.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>5</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Do not reflect the effect of dividends to Preferred Shareholders.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>6</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Annualized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>8</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Prior period amounts have been recalculated to conform with current period presentation.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">45</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="45%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="3">Financial Highlights (continued)</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2"><b>BlackRock MuniYield California Insured Fund, Inc. (MCA)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="31%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2" rowspan="5">
                    <p align="center"><font size="1"><b>Six Months<br>
                    Ended<br>
                    January 31,<br>
                    2009<br>
                    (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2" rowspan="5">
                    <p align="center"><font size="1"><b>Period<br>
                    November 1,<br>
                    2007<br>
                    to July 31,<br>
                    2008</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="14">
                    <p align="center"><font size="1"><b>Year Ended October 31,</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="14">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2007</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2006</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2005</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2004</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2003</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Per Share Operating Performance</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net asset value, beginning of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.86</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.63</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.09</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.82</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.23</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.10</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.26</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.43</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.68</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.92</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.96</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.95</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.94</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.95</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net realized and unrealized gain (loss)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.08</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.75</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.42</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.35</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.33</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.13</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.18</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">Dividends to Preferred Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.10</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.20</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.28</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.24</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.13</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.06</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.06</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net increase (decrease) from investment operations</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.75</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.27</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.22</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.07</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.49</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.01</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.71</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Dividends to Common Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.50</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.68</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.80</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.88</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.88</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.87</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Capital changes with respect to issuance of Preferred Shares</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.00</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)<sup>2</sup> </font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.02</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net asset value, end of period</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">12.79</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">13.86</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.63</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">15.09</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.82</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">15.23</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">15.10</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Market price, end of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10.74</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">12.33</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.16</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.64</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.16</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.73</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.82</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Total Investment Return<sup>3</sup></b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Based on net asset value</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(4.81</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.54</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.76</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">7.57</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">3.55</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">7.54</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.29</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Based on market price</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(10.15</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(2.63</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(5.65</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">9.22</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">9.75</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">5.93</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">7.50</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Ratios to Average Net Assets Applicable to Common Shareholders</b></font></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>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses after waiver and excluding interest expense and fees<sup>5,6</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.04</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.03</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.03</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.96</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.95</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.94</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses after waiver<sup>5</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.72</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.36</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.53</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.59</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.27</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.08</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.08</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses<sup>5</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.74</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.38</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.53</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.60</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.27</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income<sup>5</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.66</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.15</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.22</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.46</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.29</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.29</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.20</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Dividends to Preferred Shareholders</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.49</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.78</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.87</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.62</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.84</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.43</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.37</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income to Common Shareholders</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.17</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">4.37</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">4.35</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">4.84</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.45</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.86</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.83</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Supplemental Data</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net assets applicable to Common Shareholders, end of period (000)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">439,479</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">476,235</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">502,855</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">518,667</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">509,066</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">523,206</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">518,786</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Preferred Shares outstanding at liquidation preference, end of period (000)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">192,300</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">192,300</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">275,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">275,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">275,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">230,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">230,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Portfolio turnover</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">25</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">25</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">27</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">39</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">63</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">47</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Asset coverage per Preferred Share, end of period<sup>8</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">82,138</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">86,933</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">70,733</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">72,170</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">71,280</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">81,875</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">81,393</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Based on average shares outstanding.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>2</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Amount is less than $(0.01) per share.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>3</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">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>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>4</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Aggregate total investment return.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>5</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Do not reflect the effect of dividends to Preferred Shareholders.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>6</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">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>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Annualized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -2px"><font size="2"><sup>8</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Prior period amounts have been recalculated to conform with current period presentation.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">46</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="40%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="59%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="7">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Financial Highlights (continued)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Insured Fund, Inc. (MYI)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="24%">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2" rowspan="5">
                    <p align="center"><font size="1"><b>Six Months<br>
                    Ended<br>
                    January 31,<br>
                    2009<br>
                    (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2" rowspan="5">
                    <p align="center"><font size="1"><b>Period<br>
                    November 1,<br>
                    2007<br>
                    to July 31,<br>
                    2008</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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" colspan="14">
                    <p align="center"><font size="1"><b>Year Ended October 31,</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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" colspan="14">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <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" colspan="2">
                    <p align="center"><font size="1"><b>2007</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2006</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2005</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2004</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>2003</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6" colspan="4">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Per Share Operating Performance</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="23">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net asset value, beginning of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">12.86</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.57</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.30</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.27</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.59</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.36</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.15</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.40</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.70</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.04</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.98</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.04</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.04</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net realized and unrealized gain (loss)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.63</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.69</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.79</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.46</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.22</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.25</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.16</font></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">Dividends and distributions to Preferred Shareholders from:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.10</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.22</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.31</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.25</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.16</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.07</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.08</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1">Net realized gain</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.04</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.02</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net increase (decrease) from investment operations</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.33</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.21</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.06</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.15</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.64</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.22</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.16</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Less dividends and distributions to Common Shareholders from:</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1">Net investment income</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.34</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.50</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.67</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.78</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.95</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.97</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.95</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1">Net realized gain</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.34</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.01</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total dividends and distributions to Common Shareholders</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.34</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.50</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.67</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.12</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.96</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.97</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.95</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Capital changes with respect to issuance of Preferred Shares</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.00</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)<sup>2</sup> </font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.02</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net asset value, end of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">11.19</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">12.86</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.57</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.30</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.27</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.59</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.36</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Market price, end of period</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">10.46</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">12.22</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">13.04</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.36</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.70</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.57</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.51</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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" colspan="23">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Total Investment Return<sup>3</sup></b></font></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>

                <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" colspan="23">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Based on net asset value</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(10.04</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(8.22</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.06</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">8.09</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">4.54</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">8.52</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">8.18</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Based on market price</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(11.51</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(2.55</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(4.70</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.38</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">7.69</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">7.36</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">8.19</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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" colspan="23">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6" colspan="8">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Ratios to Average Net Assets Applicable to Common Shareholders</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="23">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses after waiver and fees paid indirectly and excluding interest expense and fees<sup>5,6</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.13</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.06</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.03</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.02</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.01</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.95</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.94</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses after waiver and fees paid indirectly<sup>5</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.80</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.63</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.71</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.67</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.60</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.19</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.18</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses<sup>5</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.82</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.64</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.71</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.67</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.60</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.19</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.18</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income<sup>5</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">7.03</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.51</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.94</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.52</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.62</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.77</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.99</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Dividends to Preferred Shareholders</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.70</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">2.03</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">2.06</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.67</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.05</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.51</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.49</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income to Common Shareholders</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">5.33</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">4.48</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">4.88</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">4.85</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">5.57</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.26</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.50</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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" colspan="23">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Supplemental Data</b></font></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>

                <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" colspan="23">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net assets applicable to Common Shareholders, end of period (000)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">753,028</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">865,447</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">980,741</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">1,030,048</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">1,028,022</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">1,049,423</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">953,662</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Preferred Shares outstanding at liquidation preference, end of period (000)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">377,175</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">377,175</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">570,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">570,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">570,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">570,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">440,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Portfolio turnover</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">14</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">70</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">117</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">95</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">105</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">122</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">95</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Asset coverage per Preferred Share, end of period<sup>8</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">74,918</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">82,381</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">68,039</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">70,198</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">70,099</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">71,032</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">79,188</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p style="MARGIN-TOP: -3px">&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p style="MARGIN-TOP: -3px">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Based on average shares outstanding.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Amount is less than $(0.01) per share.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>4</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Aggregate total investment return.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>5</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Do not reflect the effect of dividends to Preferred Shareholders.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>6</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>7</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Annualized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>8</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Prior period amounts have been recalculated to conform with current period presentation.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">47</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="38%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="61%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="7">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Financial Highlights (continued)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield Michigan Insured Fund II, Inc. (MYM)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="27%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2" rowspan="5">
                    <p align="center"><font size="1"><b>Six Months<br>
                    Ended<br>
                    January 31,<br>
                    2009<br>
                    (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2" rowspan="5">
                    <p align="center"><font size="1"><b>Period<br>
                    November 1,<br>
                    2007<br>
                    to July 31,<br>
                    2008</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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" colspan="14">
                    <p align="center"><font size="1"><b>Year Ended October 31,</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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" colspan="14">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <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="top" colspan="2">
                    <p align="center"><font size="1"><b>2007</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>2006</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>2005</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>2004</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>2003</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6" colspan="7">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Per Share Operating Performance</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="7">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net asset value, beginning of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.24</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.13</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.60</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.54</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.21</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">15.21</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.91</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.45</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.70</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.97</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.97</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.99</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.00</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.02</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net realized and unrealized gain (loss)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.88</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.88</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.47</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.13</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.58</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.00</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)<sup>2</sup> </font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.24</font></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">Dividends to Preferred Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.12</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.21</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.29</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.26</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.15</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.07</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.07</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net increase (decrease) from investment operations</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.55</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.39</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.21</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.84</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.26</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.93</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.19</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Dividends to Common Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.50</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.68</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.78</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.91</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.93</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.89</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Capital changes with respect to issuance of Preferred Shares</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.00</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1"><sup>3</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.02</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net asset value, end of period</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">12.37</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">13.24</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.13</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.60</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.54</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">15.21</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">15.21</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Market price, end of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10.12</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">11.63</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">12.61</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.97</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.41</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.54</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.75</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Total Investment Return<sup>4</sup></b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Based on net asset value</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(3.46</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%<sup>5</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(2.48</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%<sup>5</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.78</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.09</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.73</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.78</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">8.82</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Based on market price</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(10.09</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%<sup>5</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(4.01</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%<sup>5</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(5.07</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2.42</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">5.47</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">12.91</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">9.06</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Ratios Based on Average Net Assets Applicable to Common Shareholders</b></font></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>
                <td valign="top" colspan="8">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses after waiver and excluding interest expense and fees<sup>6,7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.19</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.14</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.14</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.13</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.07</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.05</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.01</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses after waiver<sup>6</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.47</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.45</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.68</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.64</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.46</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.26</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.20</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses<sup>6</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.48</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.48</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.69</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.65</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.47</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.28</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.22</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income<sup>6</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">7.26</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.61</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.77</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.72</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.57</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.61</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.73</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Dividends to Preferred Shareholders</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.87</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.98</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2.05</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.78</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.97</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.47</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.47</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income to Common Shareholders</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.39</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">4.63</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>8</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">4.72</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">4.94</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.60</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.14</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.26</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Supplemental Data</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net assets applicable to Common Shareholders, end of period (000)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">149,324</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">159,759</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">170,559</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">176,216</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">175,264</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">183,224</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">183,237</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Preferred Shares outstanding at liquidation preference, end of period (000)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">87,350</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">87,350</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">99,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">99,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">99,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">89,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">89,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Portfolio turnover</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">20</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">19</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">35</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">27</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Asset coverage per Preferred Share, end of period<sup>9</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">67,740</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">70,730</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">68,076</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">69,507</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">69,269</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">76,471</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">76,474</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Based on average shares outstanding.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Amount is less than $(0.01) per share.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Amount is less than $0.01 per share.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>4</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>5</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Aggregate total investment return.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>6</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Do not reflect the effect of dividends to Preferred Shareholders.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>7</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>8</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Annualized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>9</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Prior period amounts have been recalculated to conform with current period presentation.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">48</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="36%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="63%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="7">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Financial Highlights (concluded)</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="2"><b>BlackRock MuniYield New York Insured Fund, Inc. (MYN)</b></font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="26%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2" rowspan="5">
                    <p align="center"><font size="1"><b>Six Months<br>
                    Ended<br>
                    January 31,<br>
                    2009<br>
                    (Unaudited)</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2" rowspan="5">
                    <p align="center"><font size="1"><b>Period<br>
                    November 1,<br>
                    2007<br>
                    to July 31,<br>
                    2008</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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" colspan="14">
                    <p align="center"><font size="1"><b>Year Ended October 31,</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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" colspan="14">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <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="top" colspan="2">
                    <p align="center"><font size="1"><b>2007</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>2006</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>2005</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>2004</b></font></p>
                </td>

                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p align="center"><font size="1"><b>2003</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6" colspan="7">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Per Share Operating Performance</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net asset value, beginning of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.16</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.94</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.40</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.26</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.81</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.81</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.83</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.43</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.66</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.84</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.92</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.94</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.91</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.97</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net realized and unrealized gain (loss)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.33</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.77</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.38</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.23</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.50</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.01</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.09</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">Dividends to Preferred Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.10</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.19</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.27</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.24</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.13</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.06</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.07</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net increase (decrease) from investment operations</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.00</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.30</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.19</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.91</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.31</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.84</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">0.81</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Dividends to Common Shareholders from net investment income</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.48</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.65</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.77</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.84</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.84</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(0.83</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Capital change resulting from issuance of Preferred Shares</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.00</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)<sup>2</sup> </font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(0.02</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net asset value, end of period</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">11.84</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">13.16</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">13.94</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.40</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.26</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.81</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">14.81</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Market price, end of period</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10.00</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">11.80</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">12.80</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">14.10</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.17</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.20</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">13.25</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6" colspan="7">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Total Investment Return<sup>3</sup></b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Based on net asset value</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(7.06</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">(1.86</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.66</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.71</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">2.53</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.53</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.19</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Based on market price</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(12.46</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(4.16</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%<sup>4</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">(4.67</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">)%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">13.13</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.24</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">6.13</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">5.45</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="13">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Ratios Based on Average Net Assets Applicable to Common Shareholders</b></font></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>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses after waiver and excluding interest expense and fees<sup>5,6</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.12</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.04</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.04</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.03</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.96</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.94</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.94</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses after waiver<sup>5</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.56</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.46</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.63</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.56</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.31</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.13</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">1.15</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Total expenses<sup>5</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.58</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.48</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.64</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.56</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.31</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.13</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.16</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income<sup>5</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">7.15</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.36</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.96</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.50</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.37</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.23</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">6.49</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Dividends to Preferred Shareholders</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.71</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.82</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.88</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1.68</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.87</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.42</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">0.50</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net investment income to Common Shareholders</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.44</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">4.54</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%<sup>7</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">4.08</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">4.82</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.50</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.81</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5.99</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <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">
                    <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>

                <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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6" colspan="7">
                    <p style="MARGIN-LEFT: 25.9pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="1"><b>Supplemental Data</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Net assets applicable to Common Shareholders, end of period (000)</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">467,066</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">518,912</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">549,910</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">567,954</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">562,474</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">584,248</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="1">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">584,025</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Preferred Shares outstanding at liquidation preference, end of period (000)</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">259,475</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">259,475</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">304,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">304,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">304,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">259,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">259,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Portfolio turnover</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">17</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">25</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">43</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">35</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">18</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">45</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="1">%</font></p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="1">Asset coverage per Preferred Share, end of period<sup>8</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">70,006</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">75,011</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">70,242</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">71,725</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">71,259</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">81,397</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</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">81,375</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <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">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 5%" cellspacing="0" cellpadding="0" width="95%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Based on average shares outstanding.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Amount is less than $(0.01) per share.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>3</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>4</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Aggregate total investment return.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>5</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Do not reflect the effect of dividends to Preferred Shareholders.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>6</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">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>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>7</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Annualized.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>8</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">Prior period amounts have been recalculated to conform with current period presentation.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">See Notes to Financial Statements.</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">49</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3"><a name="A011"></a>Notes to Financial Statements</font> <font size="2">(Unaudited)</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2"><b>1. Significant Accounting Policies:</b> </font></p>

        <p><font size="2">BlackRock MuniHoldings Insured Fund II, Inc. (&ldquo;MuniHoldings Insured II&rdquo;), BlackRock MuniYield California Insured Fund, Inc. (&ldquo;MuniYield California Insured&rdquo;), BlackRock MuniYield Insured Fund, Inc. (&ldquo;MuniYield Insured&rdquo;), BlackRock MuniYield Michigan Insured Fund II, Inc. (&ldquo;MuniYield Michigan Insured II&rdquo;) and BlackRock MuniYield New York Insured Fund, Inc. (&ldquo;MuniYield New York Insured&rdquo;) (the &ldquo;Funds&rdquo;
        or individually as the &ldquo;Fund&rdquo;), are registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), as non-diversified, closed-end management investment companies. The Funds are organized as Maryland corporations. The Funds&rsquo; financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ
        from these estimates. The Funds determine, and make available for publication, the net asset values of their Common Shares on a daily basis.</font></p>

        <p><font size="2">The following is a summary of significant accounting policies followed by the Funds:</font></p>

        <p><font size="2"><b>Valuation of Investments:</b> Municipal investments (including commitments to purchase such investments on a &ldquo;when-issued&rdquo; basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Fund&rsquo;s Board of Directors (the &ldquo;Board&rdquo;). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments,
        quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. Financial futures contracts traded on exchanges are valued at their last sale price. Swap agreements are valued utilizing quotes received daily by each Fund&rsquo;s pricing service or through brokers, which are derived using daily swap curves and trades of underlying securities. Investments in open-end investment companies
        are valued at net asset value each business day. Short-term securities with maturities less than 60 days are valued at amortized cost, which approximate fair value.</font></p>

        <p><font size="2">In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by the Board as reflecting fair value (&ldquo;Fair Value Assets&rdquo;). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that the Funds might reasonably expect to
        receive from the current sale of that asset in an arm&rsquo;s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or the 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"><b>Derivative Financial Instruments:</b> The Funds may engage in various portfolio investment strategies both to increase the return of the Funds and to hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract.</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="90%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Financial futures contracts &mdash; Each Fund may purchase or sell financial futures contracts and options on such futures contracts for investment purposes or to manage their interest rate risk. Futures are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Pursuant to the contract, the Fund 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 Fund as unrealized gains or losses. When the contract is closed, the Fund 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. The use of futures transactions involves the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and the
                    underlying assets, and the possible inability of counterparties to meet the terms of their contracts.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">&bull;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Forward interest rate swaps &mdash; Each Fund may enter into forward interest rate swaps for investment purposes. In a forward interest rate swap, a Fund 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. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains or
                    losses, respectively. Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). When the swap is terminated, the Funds will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds&rsquo; basis in the contract, if any. Swap transactions involve, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the
                    Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions. The Funds generally intend 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"><b>Forward Commitments and When-Issued Delayed Delivery Securities:</b> The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">50</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Notes to Financial Statements (continued)</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">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 Funds may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed-delivery basis, the Funds
        assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations.</font></p>

        <p><font size="2"><b>Municipal Bonds Transferred to Tender Option Bond Trusts:</b> The Funds leverage their assets through the use of tender option bond trusts (&ldquo;TOBs&rdquo;). A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf of the funds, transfers municipal bonds. Other funds managed by the investment advisor may also contribute municipal bonds to a TOB into which each Fund has contributed
        securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates (&ldquo;TOB Residuals&rdquo;), which are generally issued to the participating funds that made the transfer. The TOB Residuals held by a Fund include the right of the Fund (1) to cause the holders of a proportional 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 bonds from the TOB to the Fund.</font></p>

        <p><font size="2">The TOB may also be terminated without the consent of the Fund upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal security, a substantial downgrade in credit quality of the municipal security, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal security or the inability
        to remarket the short-term floating rate certificates to third party investors.</font></p>

        <p><font size="2">The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to the Fund, which typically invest the cash in additional municipal bonds. Each Fund&rsquo;s transfer of the municipal bonds to a TOB is accounted for as a secured borrowing, therefore the municipal bonds deposited into a TOB are presented in the Funds&rsquo; Schedules of Investments and the proceeds from the issuance of the short-term floating
        rate certificates are shown on the Statements of Assets and Liabilities as trust certificates.</font></p>

        <p><font size="2">Interest income from the underlying securities is recorded by the Funds on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of the Funds. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. As of January
        31, 2009, the aggregate value of the underlying municipal bonds transferred to TOBs, the related liability for trust certificates and the range of interest rates were as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="48%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="13%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="12%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Liability<br>
                    for Trust<br>
                    Certificates</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Range of<br>
                    Rates</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Underlying<br>
                    Municipal<br>
                    Bonds<br>
                    Transferred to<br>
                    TOBs</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">MuniHoldings Insured II</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">50,863,242</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.826% &ndash; 3.390</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">90,557,754</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">MuniYield California Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">77,169,823</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.904% &ndash; 2.933</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">139,619,122</font></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="2">MuniYield Insured</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">141,910,680</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.54% &ndash; 3.027</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">249,836,585</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">MuniYield Michigan Insured II</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">9,030,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2.242% &ndash; 2.630</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">16,844,667</font></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="2">MuniYield New York Insured</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">50,099,528</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.363% &ndash; 3.279</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">86,811,242</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds when interest rates rise, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, each Fund&rsquo;s investment in TOBs may adversely affect each Fund&rsquo;s investment income and distributions to shareholders. Also, fluctuations in the market value of municipal
        bonds deposited into the TOB may adversely affect each Fund&rsquo;s net asset values per share.</font></p>

        <p><font size="2"><b>Zero-Coupon Bonds:</b> The Funds may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations which provide for regular interest payments.</font></p>

        <p><font size="2"><b>Segregation:</b> In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (&ldquo;SEC&rdquo;) require that the Funds segregate assets in connection with certain investments (e.g., swaps and financial futures contracts), the Funds will, consistent with certain interpretive letters issued by the SEC, designate on their books and records cash or other liquid securities having a market value at least equal to the amount
        that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, the Funds may also be required to deliver or deposit securities as collateral for certain investments (e.g., financial futures contracts and swaps).</font></p>

        <p><font size="2"><b>Investment Transactions and Investment Income:</b> 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 basis. The Funds amortize all premiums and discounts on debt securities.</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">51</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Notes to Financial Statements (continued)</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2"><b>Dividends and Distributions:</b> Dividends from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 5.</font></p>

        <p><font size="2"><b>Income Taxes:</b> It is each Fund&rsquo;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 provision is required.</font></p>

        <p><font size="2">The Funds file US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on MuniHoldings Insured II&rsquo;s US federal tax returns remains open for the three years ended September 30, 2007 and the period ended August 31, 2008. The statute of limitations on MuniYield California Insured, MuniYield Insured, MuniYield Michigan Insured II and MuniYield New York Insured&rsquo;s US federal tax returns
        remain open for the three years ended October 31, 2007 and the period ended August 31, 2008. The statutes of limitations on each Fund&rsquo;s state and local tax returns may remain open for an additional year depending upon the jurisdiction.</font></p>

        <p><font size="2"><b>Recent Accounting Pronouncement:</b> In March 2008, Statement of Financial Accounting Standards No. 161, &ldquo;Disclosures about Derivative Instruments and Hedging Activities &mdash; an amendment of FASB Statement No. 133&rdquo; (&ldquo;FAS 161&rdquo;), was issued and is effective for fiscal years beginning after November 15, 2008. 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&rsquo;s results of operations and financial position. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact on the Funds&rsquo; financial statement disclosures, if any, is currently being assessed.</font></p>

        <p><font size="2"><b>Deferred Compensation and Blackrock Closed-End Share Equivalent Investment Plan:</b> Under the deferred compensation plan approved by each Fund&rsquo;s Board, non-interested Directors (&ldquo;Independent Directors&rdquo;) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts have been invested in common shares of other BlackRock Closed-End Funds selected by the Independent
        Directors. This has approximately the same economic effect for the Independent Directors as if the Independent Directors had invested the deferred amounts directly in other certain BlackRock Closed-End Funds.</font></p>

        <p><font size="2">The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Funds. The Funds may, however elect to invest in common shares of other certain BlackRock Closed-End Funds selected by the Independent Directors in order to match their deferred compensation obligations.</font></p>

        <p><font size="2">Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income &mdash; affiliated on the Statements of Operations.</font></p>

        <p><font size="2"><b>Bank Overdraft:</b> MuniHoldings Insured II recorded a bank overdraft which resulted from estimates of available cash.</font></p>

        <p><font size="2"><b>Other:</b> Expenses directly related to each Fund are charged to that Fund. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods.</font></p>

        <p><font size="2"><b>2. Investment Advisory Agreement and Other Transactions with Affiliates:</b></font></p>

        <p><font size="2">Each Fund has entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the &ldquo;Advisor&rdquo;), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide investment advisory and administration services. As of January 31, 2009, The PNC Financial Services Group, Inc. (&ldquo;PNC&rdquo;) and Bank of America Corporation (&ldquo;BAC&rdquo;) are the largest stockholders of BlackRock, Inc. (&ldquo;BlackRock&rdquo;). BAC became a stockholder of
        BlackRock following its acquisition of Merrill Lynch &amp; Co., Inc. (&ldquo;Merrill Lynch&rdquo;) on January 1, 2009. Prior to that date, both PNC and Merrill Lynch were considered affiliates of the Funds under the 1940 Act. Subsequent to the acquisition, PNC remains an affiliate, but due to the restructuring of Merrill Lynch&rsquo;s ownership interest of BlackRock, BAC is not deemed to be an affiliate under the 1940 Act.</font></p>

        <p><font size="2">The Advisor is responsible for the management of each Fund&rsquo;s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Fund. For such services, each Fund pays the Advisor a monthly fee at an annual rate of 0.55% for MuniHoldings Insured II, and 0.50% for MuniYield California Insured, MuniYield Insured, MuniYield Michigan Insured II, and MuniYield New York Insured, of each Fund&rsquo;s
        average daily net assets. Average daily net assets is the average daily value of the Fund&rsquo;s total assets minus the sum of its accrued liabilities.</font></p>

        <p><font size="2">The Advisor has voluntarily agreed to waive its advisory fee on the proceeds of Preferred Shares and TOBs that exceeds 35% of the average daily net assets of MuniHoldings Insured II, which is included in fees waived by advisor on the Statements of Operations. For the six months ended January 31, 2009, the Advisor waived its fees in the amount of $14,537.</font></p>

        <p><font size="2">The Advisor has agreed to waive its advisory fee by the amount of investment advisory fees each Fund pays to the Advisor indirectly through its investment in affiliated money market funds, which are included in fees</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">52</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Notes to Financial Statements (continued) </font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">waived by advisor on the Statements of Operations. For the six months ended January 31, 2009, the amounts waived were as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="86%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Fees Waived<br>
                    by Advisor</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniHoldings Insured II</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">314,973</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield California Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">49,331</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield Insured</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">53,510</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield Michigan Insured II</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11,327</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield New York Insured</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">52,696</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The Advisor has entered into separate sub-advisory agreements with BlackRock Investment Management, LLC (&ldquo;BIM&rdquo;), an affiliate of the Advisor, with respect to each Fund, under which the Advisor pays BIM for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by each Fund to the Advisor.</font></p>

        <p><font size="2">For the six months ended January 31, 2009, each Fund reimbursed the Advisor for certain accounting services, which are included in accounting services in the Statements of Operations. The reimbursements were as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="87%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Accounting<br>
                    Services</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniHoldings Insured II</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">4,057</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield California Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,167</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield Insured</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,848</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield Michigan Insured II</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,341</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield New York Insured</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,887</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">Pursuant to the terms of the custody agreement, custodian fees may be reduced by amounts calculated on uninvested cash balances, which are shown on the Statements of Operations as fees paid indirectly.</font></p>

        <p><font size="2">Certain officers and/or directors of the Funds are officers and/or directors of BlackRock, Inc. or its affiliates. The Funds reimburse the Advisor for the compensation paid to the Funds&rsquo; Chief Compliance Officer.</font></p>

        <p><font size="2"><b>3. Investments:</b></font></p>

        <p><font size="2">Purchases and sales of investments, excluding short-term securities, for the six months ended January 31, 2009 were as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="10%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Total Purchases</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Total Sales</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniHoldings Insured II</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">59,649,307</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">103,537,476</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield California Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">41,134,145</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">124,916,173</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield Insured Fund</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">179,053,280</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">338,893,320</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield Michigan Insured II</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12,049,288</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">31,147,425</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield New York Insured</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">76,886,575</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">151,129,944</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2"><b>4. Concentration, Market and Credit Risk:</b></font></p>

        <p><font size="2">The Funds invest a substantial amount of its assets in issuers located in a single state or limited number of states. Please see the Schedules of Investments for concentrations in specific states.</font></p>

        <p><font size="2">Many municipalities insure repayment of their bonds, which reduces the risk of loss due to issuer default. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the issuer will meet its obligation.</font></p>

        <p><font size="2">In the normal course of business, the Funds invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Funds may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Funds; conditions affecting the general economy; overall market
        changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an entity with which the Funds has unsettled or open transactions may default. Financial assets, which potentially expose the Funds to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Funds&rsquo;
        exposure to credit and counterparty risks with respect to these financial assets is approximated by their value recorded in the Funds&rsquo; Statements of Assets and Liabilities.</font></p>

        <p><font size="2"><b>5. Capital Share Transactions:</b></font></p>

        <p><font size="2">Each Fund is authorized to issue 200,000,000 shares, including Preferred Shares all of which were initially classified as Common Shares, with a par value of $0.10 per share. Each Board is authorized, however, to reclassify any unissued shares of common shares without approval of Common Shareholders.</font></p>

        <p><font size="2"><b>Common Shares</b></font></p>

        <p><font size="2">Shares issued and outstanding during the six months ended January 31, 2009, the period November 1, 2007 (October 1, 2007 for MuniHoldings Insured II) to July 31, 2008 and the year ended October 31, 2007 (September 30, 2007 for MuniHoldings Insured II) remained constant for the Funds.</font></p>

        <p><font size="2"><b>Preferred Shares</b></font></p>

        <p><font size="2">The Preferred Shares are redeemable at the option of each Fund, in whole or in part, on any dividend payment date at their liquidation preference plus any accumulated or unpaid dividends whether or not declared. The Preferred Shares are also subject to mandatory redemption at their liquidation preference per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of each
        Fund, as set forth in each Fund&rsquo;s Articles Supplementary, are not satisfied.</font></p>

        <p><font size="2">The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class. However, the holders of Preferred Shares, voting as a separate class, are also entitled</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">53</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Notes to Financial Statements (continued) </font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">to elect two Directors for a Fund. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding Preferred Shares, voting separately as a class, would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Fund&rsquo;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">The Funds had the following series of Preferred Shares outstanding and effective yields at January 31, 2009:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="56%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Series</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Shares</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Yield</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Reset<br>
                    Frequency</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniHoldings Insured II</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,492<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">0.716%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">B</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1,492<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">0.746%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">C</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">2,828<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">0.731%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield California Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">A</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1,259<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">0.594%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">28</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">B</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,259<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">0.655%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">C</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1,119<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">0.731%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">D</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,398<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">0.655%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">28</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">E</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1,398<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">0.716%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">F</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,259<sup>2</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1.778%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">A</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1,456<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">0.868%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">28</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">B</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,456<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">0.640%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">28</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">C</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1,456<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">0.655%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">28</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">D</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,456<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">0.746%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">28</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">E</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">2,647<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">0.746%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">F</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,588<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">0.594%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">28</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">G</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1,588<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">0.655%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">H</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,720<sup>2</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1.715%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">I</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1,720<sup>2</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1.695%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield Michigan Insured II</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,941<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">0.655%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">B</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1,200<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">0.731%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">C</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">353<sup>2</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1.778%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield New York Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">A</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1,451<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1.142%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">28</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">B</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,451<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">0.655%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">C</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">2,390<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">0.655%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">D</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,673<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">0.731%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">E</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">1,878<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">0.746%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">28</font></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>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">F</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1,536<sup>2</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">1.751%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="94%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">The maximum applicable rate on this series of Preferred Stock is the higher of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&amp;P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -3px"><font size="2"><sup>2</sup></font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: 3px"><font size="2">The maximum applicable rate on this series of Preferred Stock is the higher of 110% plus or times (i) the Telerate/BBA LIBOR or (ii) 90% of the Kenny S&amp;P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">Dividends on seven-day Preferred Shares are cumulative at a rate, which is reset every seven days based on the results of an auction. Dividends on 28-day Preferred Shares are cumulative at a rate which is reset every 28 days based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, the Fund 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 stock is successfully auctioned. The maximum applicable rate on the Preferred Shares is footnoted as applicable on the above chart. The low, high and average dividend rates on the Preferred Shares for each Fund for the six months ended January 31, 2009 were as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="52%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Series</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Low</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>High</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Average</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniHoldings Insured II</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12.261</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.049</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">B</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.640</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12.565</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3.064</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">C</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11.347</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.044</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield California Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">A</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.728</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3.521</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">B</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11.728</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.116</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">C</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.347</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3.044</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">D</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.655</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8.682</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.010</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">E</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12.261</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3.049</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">F</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.682</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12.523</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.862</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">A</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.868</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">5.757</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2.956</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">B</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.640</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12.565</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.742</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">C</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.655</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">8.651</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3.016</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">D</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.746</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">7.494</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2.631</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">E</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.640</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">12.565</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3.160</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">F</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10.205</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.341</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">G</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">10.205</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3.086</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">H</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.640</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12.246</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.848</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">I</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.655</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.762</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3.786</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield Michigan Insured II</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10.205</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.086</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">B</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.347</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3.044</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">C</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.682</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12.523</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.862</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield New York Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">A</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.097</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7.158</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2.823</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">B</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10.205</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.086</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">C</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">11.728</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3.103</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">D</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.594</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">11.347</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.044</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">E</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.746</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7.494</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2.631</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">F</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.640</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12.246</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3.848</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">For the six months ended January 31, 2009, the Preferred Shares of each Fund 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 0.594% to 12.565%. A failed auction is not an event of default for the Funds but it has a negative impact on the liquidity of the Preferred Shares. A failed auction occurs when there are more sellers of a fund&rsquo;s auction rate preferred shares
        than buyers. It is impossible to predict how long this imbalance will last. A successful auction for each Fund&rsquo;s Preferred Shares may not occur for some time, if ever, and even if liquidity does resume, Preferred Shareholders may not have the ability to sell the Preferred Shares at their liquidation preference.</font></p>

        <p><font size="2">The Funds may not declare dividends or make other distributions on Common Shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares is less than 200%.</font></p>

        <p><font size="2">Prior to December 1, 2008, the Funds paid commissions to certain broker-dealers at the end of each auction at an annual rate of 0.25%, calculated on the aggregate principal amount. In December 2008, commissions paid to broker-dealers on Preferred Shares that experience a failed auction were reduced to 0.15% on the aggregate principal amount. The</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">54</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Notes to Financial Statements (continued)</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">Funds will continue to pay commissions of 0.25% on the aggregate principal amount of all shares that successfully clear their auctions. Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&ldquo;MLPF&amp;S&rdquo;), a wholly owned subsidiary of Merrill Lynch, earned commissions for the period August 1, 2008 through December 31, 2008 as follows.</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="86%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Commissions</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniHoldings Insured II</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">176,638</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield California Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">201,675</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield Insured</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">370,576</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield Michigan Insured II</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">109,435</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield New York Insured</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">353,527</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">Subsequent to that date, neither MLPF&amp;S or Merrill Lynch are considered affiliates of the Funds.</font></p>

        <p><font size="2">On June 4, 2008, MuniHoldings Insured II and MuniYield Insured and on May 19, 2008 MuniYield California Insured, MuniYield Michigan Insured II and MuniYield New York Insured announced the following redemptions of Preferred Shares at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="58%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="11%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="4%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>MuniHoldings Insured II</b></font></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 align="right">&nbsp;</p>
                </td>

                <td>
                </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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Redemption<br>
                    Date</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Shares<br>
                    Redeemed</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Aggregate<br>
                    Principal</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/27/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">608</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,200,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series B</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">6/26/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">608</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,200,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series C</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/25/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,152</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">28,800,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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 align="right">&nbsp;</p>
                </td>

                <td>
                </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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>MuniYield California Insured</b></font></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 align="right">&nbsp;</p>
                </td>

                <td>
                </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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Redemption<br>
                    Date</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Shares<br>
                    Redeemed</b></font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Aggregate<br>
                    Principal</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">7/07/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">541</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">13,525,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series B</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">6/30/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">541</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,525,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series C</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/25/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">481</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">12,025,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series D</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">7/11/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">602</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">15,050,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series E</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/27/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">602</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,050,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series F</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">6/26/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">541</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">13,525,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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 align="right">&nbsp;</p>
                </td>

                <td>
                </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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>MuniYield Insured</b></font></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 align="right">&nbsp;</p>
                </td>

                <td>
                </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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Redemption<br>
                    Date</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Shares<br>
                    Redeemed</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Aggregate<br>
                    Principal</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/26/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">744</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">18,600,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series B</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">7/03/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">744</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">18,600,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series C</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">7/10/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">744</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">18,600,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series D</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">7/17/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">744</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">18,600,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series E</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/26/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,353</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">33,825,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series F</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">7/08/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">812</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">20,300,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series G</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/24/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">812</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">20,300,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series H</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">6/27/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">880</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">22,000,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series I</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/23/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">880</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">22,000,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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>
                </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="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>MuniYield Michigan Insured II</b></font></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 align="right">&nbsp;</p>
                </td>

                <td>
                </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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Redemption<br>
                    Date</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Shares<br>
                    Redeemed</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Aggregate<br>
                    Principal</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/17/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">259</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,475,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series B</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">6/25/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">160</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,000,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series C</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/26/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">47</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,175,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <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 align="right">&nbsp;</p>
                </td>

                <td>
                </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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2"><b>MuniYield New York Insured</b></font></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 align="right">&nbsp;</p>
                </td>

                <td>
                </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">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Redemption<br>
                    Date</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Shares<br>
                    Redeemed</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Aggregate<br>
                    Principal</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/24/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">249</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">6,225,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series B</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">6/17/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">249</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,225,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series C</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">6/23/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">410</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">10,250,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series D</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">6/25/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">287</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">7,175,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series E</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center"><font size="2">7/17/08</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">322</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,050,000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series F</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">6/27/08</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">264</font></p>
                </td>

                <td>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">6,600,000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The Funds financed the Preferred Share redemptions with cash received from TOBs.</font></p>

        <p><font size="2">Shares issued and outstanding during the six months ended January 31, 2009 and the year ended October 31, 2007 (September 30, 2007 for MuniHoldings Insured II) remained constant.</font></p>

        <p><font size="2"><b>6. Income Tax Information:</b></font></p>

        <p><font size="2">As of July 31, 2008, the Funds had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="29%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="11%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1"><b>Expires<br>
                    July 31,</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>MuniHoldings<br>
                    Insured II</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>MuniYield<br>
                    California<br>
                    Insured</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>MuniYield</b><font size="1"><br>
                    <b>Insured</b></font></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>MuniYield<br>
                    Michigan<br>
                    Insured II</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>MuniYield<br>
                    New York<br>
                    Insured</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">2010</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,050,253</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,007,157</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">2011</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">4,417,434</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">2012</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">306,103</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">2,675,948</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,288,851</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">16,583,200</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">2014</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1,489,118</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">3,107,506</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">2015</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1,362,395</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">5,979,955</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">2016</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">27,543,068</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">823,067</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">2,330,288</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2"><b>Total</b></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">306,103</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">8,455,777</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">35,012,141</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">3,162,171</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">25,028,151</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="3">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p align="left"><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">55</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Notes to Financial Statements (concluded)</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2"><b>7. Restatement Information:</b></font></p>

        <p><font size="2">Subsequent to the initial issuance of MuniYield Insured&rsquo;s October 31, 2006 financial statements and MuniHoldings Insured II&rsquo;s September 30, 2006 financial statements, the Funds determined that the criteria for sale accounting in FAS 140 had not been met for certain transfers of municipal bonds and that these transfers should have been accounted for as secured borrowings rather than as sales. As a result, certain financial highlights for each of the three
        years in the period ended October 31, 2005 with respect to MuniYield Insured, and for each of the three years in the period ended September 30, 2005 with respect to MuniHoldings Insured II, have been restated to give effect to recording the transfers of the municipal bonds as secured borrowings, including recording interest on the bonds as interest income and interest on the secured borrowings as interest expense.</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="38%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="20">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="20">
                    <p><font size="2"><b>Financial Highlights for MuniYield Insured<br>
                    For the Years Ended October 31, 2005, 2004 and 2003</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="20">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>2005</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>2004</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>2003</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Previously<br>
                    Reported</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Restated</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Previously<br>
                    Reported</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Restated</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Previously<br>
                    Reported</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Restated</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Total expenses, net of waiver<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.01</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.60</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.95</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.19</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.94</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.18</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Total expenses<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.01</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.60</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.95</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.19</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.95</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.18</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Portfolio turnover</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">123.85</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">105</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">144.40</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">122</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">114.05</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">95</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 3%" cellspacing="0" cellpadding="0" width="97%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Do not reflect the effect of dividends to Preferred Shareholders.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="38%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="5%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="20">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="20">
                    <p><font size="2"><b>Financial Highlights for MuniHoldings Insured II</b><b><br>
                    For the Years Ended September 30, 2005, 2004 and 2003</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="20">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>2005</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>2004</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>2003</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Previously<br>
                    Reported</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Restated</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Previously<br>
                    Reported</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Restated</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Previously<br>
                    Reported</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Restated</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total expenses, net of waiver and reimbursement<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.15</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.32</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.12</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.17</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.14</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">1.21</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Total expenses<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.21</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.38</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.21</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.27</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.23</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">1.30</font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Portfolio turnover</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">58.19</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">46</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">45.89</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">45</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">52</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">50</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">%</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table style="MARGIN-LEFT: 3%" cellspacing="0" cellpadding="0" width="97%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="95%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2"><sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p><font size="2">Do not reflect the effect of dividends to Preferred Shareholders.</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2"><b>8. Subsequent Events:</b></font></p>

        <p><font size="2">Each Fund paid a net investment income dividend to Common Shareholders on March 2, 2009 to shareholders of record on February 13, 2009.The amount of the net investment income dividend per share was as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="86%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Distribution<br>
                    Per Share</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniHoldings Insured II</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.050000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield California Insured</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.053500</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield Insured</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.056000</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">MuniYield Michigan Insured II</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">0.054000</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">MuniYield New York Insured</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">0.052500</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The dividends declared on Preferred Shares for the period February 1, 2009 to February 28, 2009 for the Funds were as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="16%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="9%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>MuniHoldings<br>
                    Insured II</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>MuniYield<br>
                    California<br>
                    Insured</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>MuniYield<br>
                    Insured</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>MuniYield<br>
                    Michigan<br>
                    Insured II</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>MuniYield<br>
                    New York<br>
                    Insured</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series A</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">21,899</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,876</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">18,558</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">24,777</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">20,346</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series B</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">21,951</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">17,918</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">18,960</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">24,948</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">20,495</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series C</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">39,972</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">15,816</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">20,624</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">20,642</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">34,014</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series D</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">20,039</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">21,625</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">29,783</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">23,647</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series E</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">20,520</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">38,944</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">27,893</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series F</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">43,389</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">20,024</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">52,935</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series G</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">22,430</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="2">Series H</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">59,276</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">Series I</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="2">$</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">58,569</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">56</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3"><a name="A012"></a>Officers and Directors</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Richard E. Cavanagh, Chairman of the Board and Director </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">Karen P. Robards, Vice Chair of the Board,<br>
                    Chair of the Audit Committee and Director </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">G. Nicholas Beckwith, III, Director </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Richard S. Davis, Director</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Kent Dixon, Director </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Frank J. Fabozzi, Director </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Kathleen F. Feldstein, Director </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">James T. Flynn, Director </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Henry Gabbay, Director </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Jerrold B. Harris, Director </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">R. Glenn Hubbard, Director </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">W. Carl Kester, Director </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Donald C. Burke, Fund President and Chief Executive Officer </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Anne F. Ackerley, Vice President </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Neal J. Andrews, Chief Financial Officer </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Jay M. Fife, Treasurer </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Brian P. Kindelan, Chief Compliance Officer of the Funds </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Howard B. Surloff, Secretary</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Effective January 1, 2009, Robert S. Salomon, Jr. retired as Director of the Funds. The Board wishes Mr. Salomon well in his retirement.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2"><b>BlackRock MuniHoldings Insured Fund II, Inc.,<br>
        BlackRock MuniYield California Insured Fund, Inc. and<br>
        BlackRock MuniYield Insured Fund, Inc.:</b></font></p>

        <p><font size="2"><b>Custodian<br>
        </b>State Street Bank and<br>
        Trust Company <br>
        Boston, MA 02101</font></p>

        <p><font size="2"><b>Transfer Agent</b><br>
        Common Stock<br>
        Computershare Trust <br>
        Company, N.A. <br>
        Providence, RI 02490</font></p>

        <p><font size="2"><b>Auction Agent</b><br>
        Preferred Shares<br>
        BNY Mellon Shareowner Services <br>
        Jersey City, NJ 07310</font></p>

        <p><font size="2"><b>BlackRock MuniYield Michigan Insured Fund II, Inc. and<br>
        BlackRock MuniYield New York Insured Fund, Inc.:</b></font></p>

        <p><font size="2"><b>Custodian<br>
        </b>The Bank of New York Mellon <br>
        New York, NY 10286</font></p>

        <p><font size="2"><b>Transfer Agent &amp; Auction Agent<br>
        </b>Common and Preferred Shares <br>
        BNY Mellon Shareowner Services <br>
        Jersey City, NJ 07310</font></p>

        <p><font size="2"><b>For All Funds:</b></font></p>

        <p><font size="2"><b>Accounting Agent<br>
        </b>State Street Bank and <br>
        Trust Company <br>
        Princeton, NJ 08540</font></p>

        <p><font size="2"><b>Independent Registered Public Accounting Firm<br>
        </b>Deloitte &amp; Touche LLP <br>
        Princeton, NJ 08540</font></p>

        <p><font size="2"><b>Legal Counsel<br>
        </b>Skadden, Arps, Slate, <br>
        Meagher &amp; Flom LLP <br>
        New York, NY 10036</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3"><a name="A013"></a>Additional Information</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Section 19 Notices</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund&rsquo;s investment experience during the year and may be subject to changes based on the tax regulations. Each Fund will send you a Form 1099-DIV each calendar year that will tell you how to report these distributions for federal income tax
        purposes.</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="27%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="8%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="2%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="7">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="7">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="7">
                    <p align="center"><font size="1"><b>Total Fiscal Year-to-Date<br>
                    Cumulative Distributions by Character</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="7">
                    <p align="center"><font size="1"><b>Percentage of Fiscal Year-to-Date<br>
                    Cumulative Distributions by Character</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="7">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="7">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Net<br>
                    Investment<br>
                    Income</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Net<br>
                    Realized<br>
                    Capital<br>
                    Gains</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Return</b><font size="1"><br>
                    <b>of</b><br>
                    <b>Capital</b></font></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Total Per</b><font size="1"><br>
                    <b>Common</b><br>
                    <b>Share</b></font></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Net</b><font size="1"><br>
                    <b>Investment</b><br>
                    <b>Income</b></font></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Net<br>
                    Realized<br>
                    Capital<br>
                    Gains</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Return</b><font size="1"><br>
                    <b>of</b><br>
                    <b>Capital</b></font></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="1"><b>Total Per</b><font size="1"><br>
                    <b>Common</b><br>
                    <b>Share</b></font></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p style="MARGIN-LEFT: 8.65pt; TEXT-INDENT: -8.65pt"><font size="2">BlackRock MuniYield New York Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">$0.302</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">$0.018</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">$0.320</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">94%</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">&mdash;</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">6%</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center"><font size="2">100%</font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="70%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="10%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">57</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Additional Information (continued)</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Proxy Results</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The Annual Meeting of Shareholders was held on September 12, 2008 for shareholders of record on July 14, 2008 to elect director nominees of each Fund:</font></p>

        <p><font size="2">Approved the Directors as follows:</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="bottom" width="34%">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="7%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="3%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="6%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" width="1%">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>G. Nicholas Beckwith, III</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>Kent Dixon</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>R. Glenn Hubbard</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">19,399,814</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,770,064</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">19,395,147</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,774,731</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">19,388,443</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,781,435</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1">BlackRock MuniYield California Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">30,387,789</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">788,028</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">30,373,785</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">802,032</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">30,462,091</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">713,726</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniYield Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">62,264,689</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,158,268</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">62,261,398</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,161,559</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">62,260,558</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,162,399</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1">BlackRock MuniYield Michigan Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10,966,906</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">574,369</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10,960,187</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">581,088</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10,962,463</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">578,812</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniYield New York Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">34,928,672</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,562,530</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">34,920,239</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,570,963</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">34,917,212</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,573,990</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>W. Carl Kester</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>Robert S. Salomon, Jr.</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>Richard S. Davis</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">4,456</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1"><sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">102</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1"><sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">19,394,947</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,774,931</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">19,395,147</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,774,731</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1">BlackRock MuniYield California Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5,912</font></p>
                </td>

                <td valign="top">
                    <p><font size="1"><sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">307</font></p>
                </td>

                <td valign="top">
                    <p><font size="1"><sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">30,395,706</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">780,111</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">30,444,222</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">731,595</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniYield Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">12,904</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="1"><sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">805</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="1"><sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">62,257,608</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,165,349</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">62,285,325</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,137,632</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1">BlackRock MuniYield Michigan Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">2,837</font></p>
                </td>

                <td valign="top">
                    <p><font size="1"><sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">558</font></p>
                </td>

                <td valign="top">
                    <p><font size="1"><sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10,965,117</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">576,158</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10,975,379</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">565,896</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniYield New York Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">8,170</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="1"><sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,077</font></p>
                </td>

                <td valign="top" bgcolor="#e6e6e6">
                    <p><font size="1"><sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">34,911,937</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,579,265</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">34,933,464</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,557,738</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>Frank J. Fabozzi</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>James T. Flynn</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>Karen P. Robards</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">4,456<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">102<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">19,394,947</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,774,931</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">19,395,147</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,774,731</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1">BlackRock MuniYield California Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">5,912<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">307<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">30,456,523</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">719,294</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">30,397,588</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">778,229</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniYield Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">12,904<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">805<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">62,274,712</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,148,245</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">62,271,813</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,151,144</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1">BlackRock MuniYield Michigan Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">2,837<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">558<sup>1</sup></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10,972,636</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">568,639</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10,974,697</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">566,578</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniYield New York Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">8,170<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,077<sup>1</sup></font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">34,923,564</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,567,638</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">34,930,074</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,561,128</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>Richard E. Cavanagh</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>Kathleen F. Feldstein</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>Henry Gabbay</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="bottom">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">19,400,147</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,769,731</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">19,395,810</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,774,068</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">19,395,147</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,774,731</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1">BlackRock MuniYield California Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">30,456,814</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">719,003</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">30,395,488</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">780,329</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">30,443,791</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">732,026</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniYield Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">62,261,746</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,161,211</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">62,243,677</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,179,280</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">62,291,979</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,130,978</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1">BlackRock MuniYield Michigan Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10,972,837</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">568,438</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10,968,912</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">572,363</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10,970,197</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">571,078</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniYield New York Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">34,932,779</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,558,423</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">34,908,370</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,582,832</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">34,932,392</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,558,810</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <p align="center"><font size="1"><b>Jerrold B. Harris</b></font></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>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="5">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </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>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes For</b></font></p>
                </td>

                <td valign="bottom">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="bottom" colspan="2">
                    <p align="center"><font size="1"><b>Votes<br>
                    Withheld</b></font></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>
                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="black" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">19,398,943</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,770,935</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1">BlackRock MuniYield California Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">30,402,575</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">773,242</font></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>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniYield Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">62,248,633</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">2,174,324</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p><font size="1">BlackRock MuniYield Michigan Insured Fund II, Inc.</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">10,970,647</font></p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom">
                    <p align="right"><font size="1">570,628</font></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>
                <td valign="bottom" bgcolor="#e6e6e6">
                    <p><font size="1">BlackRock MuniYield New York Insured Fund, Inc.</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">34,917,191</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right"><font size="1">1,574,011</font></p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p align="right">&nbsp;</p>
                </td>

                <td valign="bottom" bgcolor="#e6e6e6">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="bottom" colspan="8">
                    <p style="MARGIN-LEFT: 7%"><font size="1"><sup>1</sup> <font size="1">Voted on by holders of Preferred Shares only.</font></font></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>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Dividend Policy</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The Funds&rsquo; dividend policy is to distribute all or a portion of their net investment income to their shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the Funds may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income
        earned in that month. As a result, the dividends paid by the Funds for any particular month may be more or less than the amount of net investment income earned by the Funds during such month. The Funds&rsquo; current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="55%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="25%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="1">58</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="5">
                </td>
            </tr>

            <tr>
                <td valign="bottom">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="3">Additional Information (concluded)</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="silver" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>General Information</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="silver" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The Funds will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called &ldquo;householding&rdquo; and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the
        mailing of these documents to be combined with those for other members of your household, please contact the Funds at (800) 441-7762.</font></p>

        <p><font size="2">Quarterly performance, semi-annual and annual reports and other information regarding the Funds may be found on BlackRock&rsquo;s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock&rsquo;s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock&rsquo;s website into this report.</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="silver" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Availability of Quarterly Schedule of Investments</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="silver" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds&rsquo; Forms N-Q are available on the Securities and Exchange Commissions&rsquo; (the &ldquo;SEC&rdquo;) website at http://www.sec.gov and may also be reviewed and copied at the SEC&rsquo;s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800)
        SEC-0330. The Funds&rsquo; Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="silver" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Electronic Delivery</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="silver" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">Electronic copies of most financial reports are available on the Funds&rsquo; websites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports by enrolling in the Funds&rsquo; electronic delivery program.</font></p>

        <p><font size="2"><b>Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:</b></font></p>

        <p><font size="2">Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="silver" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 34.55pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in"><font size="2"><b>Board Approvals</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="silver" noshade size="1">
                </td>
            </tr>
        </table>

        <p><font size="2">On September 12, 2008, the Board of Directors of the Funds voted unanimously to change certain investment guidelines of the Funds. Under normal market conditions, the Funds are required to invest at least 80% of their total assets in municipal bonds either (i) insured under an insurance policy purchased by the Funds or (ii) insured under an insurance policy obtained by the issuer of the municipal bond or any other party. Historically, the Funds have had an additional
        non-fundamental investment policy limiting its purchase 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">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 Funds will not be required to dispose of municipal bonds they hold in the event of subsequent downgrades. The approved changes do not alter the Funds&rsquo; investment objectives.</font></p>

        <p><font size="2">The Advisor and the Board believe the amended policy will allow the Advisor to better manage the Funds&rsquo; portfolios in the best interest of the Funds&rsquo; shareholders and to better meet the Funds&rsquo; investment objectives.</font></p>

        <p style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><font size="2">Effective September 13, 2008, following approval by the Funds&rsquo; Board and the applicable rating agencies, the Board amended the terms of the Funds&rsquo; Articles Supplementary in order to allow the Funds to enter into TOB transactions, the proceeds of which were used to redeem a portion of the Funds&rsquo; Preferred Shares. Accordingly, the definition of Inverse Floaters was amended to incorporate the Funds&rsquo;
        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&rsquo;s Discount Factor and S&amp;P Discount Factor, as applicable, to integrate the Funds&rsquo; investments in TOBs into applicable calculations.</font></p>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="75%">
                    <p align="center">&nbsp;</p>
                </td>

                <td valign="top" width="20%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p align="right">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="3">
                    <hr align="center" width="100%" color="#aca899" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-LEFT: 26%"><font size="1">SEMI-ANNUAL REPORT</font></p>
                </td>

                <td valign="top">
                    <p><font size="1">JANUARY 31, 2009</font></p>
                </td>

                <td valign="top">
                    <p align="right"><font size="1">59</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE>

        <p><font size="2"><img alt="(GO PAPERLESS LOGO)" src="img003.jpg"></font></p>

        <p><font size="2">This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Funds have leveraged their Common Shares, 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">A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 441-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission&rsquo;s website at http://www.sec.gov. Information about how the Funds voted proxies relating to securities held in the Funds&rsquo; portfolios during the most recent 12-month period
        ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and Exchange Commission&rsquo;s website at http://www.sec.gov.</font></p>

        <p><font size="2">BlackRock MuniHoldings Insured Fund II, Inc.<br>
        BlackRock MuniYield California Insured Fund, Inc.<br>
        BlackRock MuniYield Insured Fund, Inc.<br>
        BlackRock MuniYield Michigan Insured Fund II, Inc.<br>
        BlackRock MuniYield New York Insured Fund, Inc.<br>
        100 Bellevue Parkway<br>
        Wilmington, DE 19809</font></p>

        <p align="right"><font size="2"><img alt="(BLACKROCK LOGO)" src="img004.jpg"></font></p>

        <p align="right"><font size="2">#MHMYINS5&mdash;SAR-1/09</font></p>


<!-- end of report-->

        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE><br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="9%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="91%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 2 &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Code of Ethics &ndash; Not Applicable to this semi-annual report</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 3 &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Audit Committee Financial Expert &ndash; Not Applicable to this semi-annual report</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 4 &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Principal Accountant Fees and Services &ndash; Not Applicable to this semi-annual report</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 5 &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Audit Committee of Listed Registrants &ndash; Not Applicable to this semi-annual report</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 6 &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Investments</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">(a) The registrant&rsquo;s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 7 &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies &ndash; Not Applicable to this semi-annual report</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 8 &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Portfolio Managers of Closed-End Management Investment Companies &ndash; Not Applicable to this semi-annual report</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 9 &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers &ndash; Not Applicable</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 10 &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Submission of Matters to a Vote of Security Holders &ndash; The registrant&rsquo;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&rsquo;s Secretary. There have been no material
                    changes to these procedures.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 11 &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Controls and Procedures</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">11(a) &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">The registrant&rsquo;s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant&rsquo;s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b)
                    under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">11(b) &ndash;</font></p>
                </td>

                <td valign="top">
                    <p><font size="2">There were no changes in the registrant&rsquo;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Item 12 &ndash; </font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Exhibits attached hereto</font></p>
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 10px">
                <td valign="top" width="9%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="91%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">12(a)(1) &ndash; </font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Code of Ethics &ndash; Not Applicable to this semi-annual report</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">12(a)(2) &ndash; </font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Certifications &ndash; Attached hereto</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">12(a)(3) &ndash; </font></p>
                </td>

                <td valign="top">
                    <p><font size="2">Not Applicable</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE><br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="9%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="86%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">12(b) &ndash;</font></p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">Certifications &ndash; Attached hereto</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">By:</font></p>
                </td>

                <td valign="top">
                    <font size="1"></font>

                    <p><font size="1"><font size="2">/s/ Donald C. Burke</font></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="left" width="35%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">Donald C. Burke</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">Chief Executive Officer of</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">Date: March 25, 2009</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">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>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">By:</font></p>
                </td>

                <td valign="top">
                    <font size="1"></font>

                    <p><font size="1"><font size="2">/s/ Donald C. Burke</font></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="left" width="35%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">Donald C. Burke</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">Chief Executive Officer (principal executive officer) of</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">Date: March 25, 2009</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">By:</font></p>
                </td>

                <td valign="top">
                    <font size="1"></font>

                    <p><font size="1"><font size="2">/s/ Neal J. Andrews</font></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <hr align="left" width="35%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">Neal J. Andrews</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">Chief Financial Officer (principal financial officer) of</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>
            </tr>

            <tr>
                <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="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" colspan="2">
                    <p><font size="2">Date: March 25, 2009</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>6
<FILENAME>i00080_ex99-cert.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="6%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="94%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2"><b>EX-99. CERT</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2"><b>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF<br>
                    THE SARBANES-OXLEY ACT OF 2002</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>

                <td valign="top">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock MuniHoldings Insured Fund II, Inc., certify that:</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-CSR of BlackRock MuniHoldings Insured Fund II, Inc.;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">2.&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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">3.&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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant&rsquo;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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&rsquo;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&rsquo;s internal control over financial reporting; and</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">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&rsquo;s ability to record, process, summarize, and report financial information; and</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">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&rsquo;s internal control over financial reporting.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">Date: March 25, 2009</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">/s/ </font><font size="2">Donald C. Burke</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="left" width="23%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">Donald C. Burke</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">Chief Executive Officer (principal executive officer) of</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">

        <p style="PAGE-BREAK-BEFORE: always" align="left"></p>
        <PAGE><br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="6%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="94%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2"><b>EX-99. CERT</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2"><b>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF<br>
                    THE SARBANES-OXLEY ACT OF 2002</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="center" width="100%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniHoldings Insured Fund II, Inc., certify that:</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-CSR of BlackRock MuniHoldings Insured Fund II, Inc.;</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">2.&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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">3.&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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant&rsquo;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>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&rsquo;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&rsquo;s internal control over financial reporting; and</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officer(s) and I have disclosed to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions):</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">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&rsquo;s ability to record, process, summarize, and report financial information; and</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font size="2">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&rsquo;s internal control over financial reporting.</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">Date: March 25, 2009 </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">/s/ Neal J. Andrews</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <hr align="left" width="23%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">Neal J. Andrews</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">Chief Financial Officer (principal financial officer) of </font></p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="2">
                    <p><font size="2">BlackRock MuniHoldings Insured Fund II, Inc. </font></p>
                </td>
            </tr>
        </table>
        <br>
        <hr align="center" width="100%" noshade size="4">
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>7
<FILENAME>i00080_ex99-1350.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body>
        <p><font size="2">Exhibit 99.1350CERT</font></p>

        <p align="center"><font size="2"><b>Certification Pursuant to Rule 30a-2(b) under the 1940 Act and<br>
        Section 906 of the Sarbanes Oxley Act</b></font></p>

        <p align="justify"><font size="2">Pursuant to 18 U.S.C. &sect; 1350, the undersigned officer of BlackRock MuniHoldings Insured Fund II, Inc. (the &ldquo;registrant&rdquo;), hereby certifies, to the best of his knowledge, that the registrant&rsquo;s Report on Form N-CSR for the period ended January 31, 2009, (the &ldquo;Report&rdquo;) 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>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Date: March 25, 2009</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">/s/ Donald C. Burke</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="left" width="23%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Donald C. Burke</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Chief Executive Officer (principal executive officer) of</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>
            </tr>
        </table>

        <p align="justify"><font size="2">Pursuant to 18 U.S.C. &sect; 1350, the undersigned officer of BlackRock MuniHoldings Insured Fund II, Inc. (the &ldquo;registrant&rdquo;), hereby certifies, to the best of his knowledge, that the registrant&rsquo;s Report on Form N-CSR for the period ended January 31, 2009, (the &ldquo;Report&rdquo;) 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>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Date: March 25, 2009</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">/s/ Neal J. Andrews</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <hr align="left" width="23%" color="gray" noshade size="1">
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Neal J. Andrews</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">Chief Financial Officer (principal financial officer) of</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font size="2">BlackRock MuniHoldings Insured Fund II, Inc.</font></p>
                </td>
            </tr>
        </table>

        <p><font size="2">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></p>
        <hr align="center" width="100%" noshade size="4">
    </body>
</html>

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