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<SEC-DOCUMENT>0000900092-08-000500.txt : 20081008
<SEC-HEADER>0000900092-08-000500.hdr.sgml : 20081008
<ACCEPTANCE-DATETIME>20081008111557
ACCESSION NUMBER:		0000900092-08-000500
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20080731
FILED AS OF DATE:		20081008
DATE AS OF CHANGE:		20081008
EFFECTIVENESS DATE:		20081008

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIYIELD PENNSYLVANIA INSURED FUND
		CENTRAL INDEX KEY:			0000891038
		IRS NUMBER:				223199516
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07136
		FILM NUMBER:		081113555

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD INSURED PENNSYLVANIA FUND
		DATE OF NAME CHANGE:	20070803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD PENNSYLVANIA FUND
		DATE OF NAME CHANGE:	20070611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNIYIELD PENNSYLVANIA FUND
		DATE OF NAME CHANGE:	19921217
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>mpafinal.htm
<DESCRIPTION>BLACKROCK MUNIYIELD PENNSYLVANIA INSURED FUND
<TEXT>

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   <TITLE>Book of 4 -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<FONT face="ArialMT,Arial,Helvetica,sans-serif">UNITED STATES</FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif"> SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face="ArialMT,Arial,Helvetica,sans-serif">Washington, D.C. 20549</FONT><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-CSR</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT </FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">INVESTMENT COMPANIES</FONT></B></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-07136</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniYield Pennsylvania Insured Fund, 800 Scudders Mill Road, Plainsboro, NJ, 08536.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 07/31/2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 11/01/2007 &#150; 07/31/2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Report to Stockholders </FONT></TD></TR></TABLE>
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<FONT size=1 face="DIN-Light,Arial,Helvetica,sans-serif">EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS</FONT><BR>
<BR>
<FONT size=5 face="DIN-Regular,Arial,Helvetica,sans-serif">Annual Report</FONT><BR>
<BR>
<FONT face="DIN-Regular,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT color="#0035c4" size=4 face="DIN-Regular,Arial,Helvetica,sans-serif">BlackRock MuniYield Florida Insured Fund (MFT)</FONT><BR>
<BR>
<FONT color="#0035c4" size=4 face="DIN-Regular,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan Insured Fund, Inc. (MIY)</FONT><BR>
<BR>
<FONT color="#0035c4" size=4 face="DIN-Regular,Arial,Helvetica,sans-serif">BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI)</FONT><BR>
<BR>
<FONT color="#0035c4" size=4 face="DIN-Regular,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania Insured Fund (MPA)</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="DIN-Light,Arial,Helvetica,sans-serif">NOT FDIC INSURED</FONT><BR>
<FONT size=1 face="DIN-Light,Arial,Helvetica,sans-serif">MAY LOSE VALUE</FONT><BR>
<FONT size=1 face="DIN-Light,Arial,Helvetica,sans-serif">NO BANK GUARANTEE</FONT></TD></TR></TABLE>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Table of Contents</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=26% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Page</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=3>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">A Letter to Shareholders</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<B><FONT size=2 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Annual Report:</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=26% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund Summaries</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Benefits and Risks of Leveraging</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Swap Agreements</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Financial Statements:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=26% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Schedules of Investments</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statements of Assets and Liabilities</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">22</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statements of Operations</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">23</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statements of Changes in Net Assets</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">25</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Financial Highlights</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">27</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Notes to Financial Statements</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">31</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Report of Independent Registered Public Accounting Firm</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">39</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Important Tax Information</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">40</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Disclosure of Investment Advisory Agreement and Subadvisory Agreement</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">41</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Automatic Dividend Reinvestment Plan</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">45</FONT>&nbsp;
	</TD>
</TR>
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	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Officers and Trustees or Directors</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">46</FONT>&nbsp;
	</TD>
</TR>
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	<TD align=left width=71% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Additional Information</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=26% nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">49</FONT>&nbsp;
	</TD>
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</TABLE><BR>
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<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">2 ANNUAL REPORT</FONT></TD></TR></TABLE>
</P>
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<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>A Letter to Shareholders</FONT></TD></TR></TABLE></P>
<P align=left><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>Dear Shareholder</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For more than a year, investors have been besieged by a weak housing market, the bursting of the credit bubble that has</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>troubled the financial sector, and surging food and oil prices, which have stoked inflation concerns. Healthy nonfinancial</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>corporate profits and robust exporting activity remained among the few bright spots, helping the economy to grow at a</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>modest, but still positive, pace.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Federal Reserve Board (the &#147;Fed&#148;) has been aggressive in its attempts to stimulate economic growth and stabilize</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>financial markets. In addition to slashing the target federal funds rate 325 basis points (3.25%) between September</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2007 and April 2008, the central bank introduced the new Term Securities Lending Facility, granted broker-dealers access</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to the discount window and used its own balance sheet to help negotiate the sale of Bear Stearns. However, the end of</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the period saw a pause in Fed action; the central bank held the target rate steady at 2.0% as it attempted to balance</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>weak growth and inflationary pressures.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Fed&#146;s bold response to the financial crisis helped mitigate credit stress and investor anxiety, albeit temporarily.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>U.S. equity markets sank sharply over the reporting period, notwithstanding a brief rally in the spring and another in </FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>mid-summer, and international markets followed suit.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Treasury securities also traded in a volatile fashion, but generally rallied (yields fell as prices correspondingly rose), as </FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the broader flight-to-quality theme persisted. The yield on 10-year Treasury issues, which fell to 3.34% in March, climbed</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to the 4.20% range in mid-June as investors temporarily shifted out of Treasury issues in favor of riskier assets (such as</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>stocks and other high-quality fixed income sectors), then reversed course and declined to 3.99% by period-end when</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>credit fears re-emerged. Meanwhile, tax-exempt issues underperformed their taxable counterparts, as problems among</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>municipal bond insurers and the failure in the market for auction rate securities continued to pressure the group.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Overall, the major benchmark indexes generated results that reflected heightened risk aversion:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Returns as of July 31, 2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>6-month</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>12-month</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="68%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>U.S. equities (S&amp;P 500 Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(7.08)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(11.09)%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="68%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Small cap U.S. equities (Russell 2000 Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.86</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6.71)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="68%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>International equities (MSCI Europe, Australasia, Far East Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5.04)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(12.19)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="68%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fixed income (Lehman Brothers U.S. Aggregate Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.63)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.15</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="68%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax-exempt fixed income (Lehman Brothers Municipal Bond Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.85)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.83</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="68%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="68%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>High yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.80)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.52</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="68%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>in an index.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shortly before this shareholder report mailing, the investment landscape was dramatically altered as the ongoing </FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>credit crisis intensified, resulting in a widespread breakdown in the financial services sector and unprecedented govern-</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ment intervention. Through periods of market turbulence, as ever, BlackRock's full resources are dedicated to the </FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>management of our clients&#146; assets. For our most current views on the economy and financial markets, we invite you </FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to visit </FONT><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>www.blackrock.com/funds</FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>. As always, we thank you for entrusting BlackRock with your investment assets, and </FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>we look forward to continuing to serve you in the months and years ahead.</FONT></TD></TR></TABLE></P>
<IMG src="muniyield4ar07081x3x1.jpg" border=0>
<BR>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#4d4d4d size=2>THIS PAGE NOT PART OF YOUR FUND </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#4d4d4d size=2>REPORT</FONT></P>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>as of July 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Florida Insured Fund</FONT></B></TD></TR></TABLE></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Investment Objective</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Florida Insured Fund (MFT) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>seeks to provide shareholders with as high a level of current income exempt from federal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of long-term, invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ment grade municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income taxes and which</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>enables shares of the Fund to be exempt from Florida intangible personal property taxes.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Performance</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the 12 months ended July 31, 2008, the Fund returned (5.10)% based on market price and (1.92)% based on net asset value (&#147;NAV&#148;). For the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>same period, the closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (1.42)% on a NAV basis. All</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>returns reflect reinvestment of dividends. The performance of the Lipper category does not necessarily correlate to that of the Fund, as the Lipper group</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>comprises funds representing various states and not Florida alone. Nevertheless, a significant overweight in pre-refunded bonds in the one- to five-year</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>maturity range benefited performance, as the yield curve steepened and these issues outperformed. Conversely, problems within the monoline insur-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ance industry had a negative impact on the performance of the Fund and its peers. Exposure to uninsured hospital bonds and single-family housing</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>bonds also detracted, as these sectors underperformed over the annual period.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>views are not intended to be a forecast of future events and are not guarantee of future results.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Fund Information</FONT></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Symbol on New York Stock Exchange</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MFT</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Initital Offering Date</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>October 30, 1992</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Yield on Closing Market Price as of July 31, 2008 ($11.75)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5.46%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8.40%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.0535</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.642</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Leverage as of July 31, 2008</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>42%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="65%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="32%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Past performance does not guarantee future results.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The distribution is not constant and is subject to change.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Auction Market Preferred </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Shares (&#147;Preferred Shares&#148;) and tender option bond trusts (&#147;TOBs&#148;)) minus the sum of accrued liabilities.</FONT></P>
<P align=left><FONT face=Arial size=1></FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The table below summarizes the changes in the Fund&#146;s market price and net asset value per share:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Change</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Low</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="27%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Market Price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$11.75</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$12.74</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(7.77)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.08</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$11.71</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$14.38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(6.68)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$14.67</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.06</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="27%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap align=center><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following unaudited charts show the portfolio composition and credit quality allocations of the Fund&#146;s long-term investments:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=center width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Portfolio Composition</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>22%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>18%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Lease Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>City, County &amp; State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Education</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Water &amp; Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Power</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>5</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Credit Rating</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AAA/Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>41%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>91%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AA/Aa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>41</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BBB/Baa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Not Rated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Using the higher of Standard &amp; Poor&#146;s (&#147;S&amp;P&#146;s&#148;) or Moody&#146;s</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Investors Service (&#147;Moody&#146;s&#148;) ratings.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The investment advisor has deemed certain of these non-rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>securities to be of investment grade quality. As of July 31, 2008,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the market value of these securities was $8,223,585, represent-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>ing 4% of the Fund&#146;s long-term investments.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>4 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>as of July 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap>
<P><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Investment Objective</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Michigan Insured Fund, Inc. (MIY) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>seeks to provide shareholders with as high a level of current income exempt from</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>federal income tax and Michigan income taxes as is consistent with its investment policies and prudent investment management by investing primarily</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>in a portfolio of long-term municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal income tax</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and Michigan income taxes.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Performance</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the 12 months ended July 31, 2008, the Fund returned (6.10)% based on market price and (0.35)% based on NAV. For the same period, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (1.42)% on a NAV basis. All returns reflect </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>reinvestment of dividends. The performance of the Lipper category does not necessarily correlate to that of the Fund, as the Lipper group comprises</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>funds representing various states and not Michigan alone. Nevertheless, the Fund&#146;s short duration position benefited performance during a period of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rising tax-exempt bond yields. Although the Fund increased its exposure to lower-rated bonds, limited overall exposure to these issues also enhanced</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>results, as these issues significantly underperformed over the last year amid dramatic widening in credit spreads.</FONT></P>
<P><FONT face=Arial size=2></FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>views are not intended to be a forecast of future events and are not guarantee of future results.</FONT></P>
</TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
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     <TD noWrap align=left width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Fund Information</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD></TR>
<TR>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="27%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Symbol on New York Stock Exchange</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MIY</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Initital Offering Date</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>October 30, 1992</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Yield on Closing Market Price as of July 31, 2008 ($12.30)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5.27%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8.11%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.054</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.648</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Leverage as of July 31, 2008</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>42%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="27%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Past performance does not guarantee future results.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The distribution is not constant and is subject to change.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Shares and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>TOBs) minus the sum of accrued liabilities.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap align=center><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The table below summarizes the changes in the Fund&#146;s market price and net asset value per share:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Change</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Low</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="27%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Market Price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$12.30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(8.21)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$14.15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$12.21</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$14.16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$15.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(5.79)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$15.45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.99</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="27%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap align=center><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following unaudited charts show the portfolio composition and credit quality allocations of the Fund&#146;s long-term investments:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=center width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Portfolio Composition</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>City, County &amp; State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>19%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>19%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Education</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>22</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Water &amp; Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>13</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>12</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Resource Recovery</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Lease Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Power</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>5</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Credit Rating</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AAA/Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>35%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>86%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AA/Aa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>47</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BBB/Baa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=3><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>5</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_6"></A>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>as of July 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap>
<P><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Investment Objective</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield New Jersey Insured Fund, Inc. (MJI) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>seeks to provide shareholders with as high a level of current income exempt</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>from federal income tax and New Jersey personal income taxes as is consistent with its investment policies and prudent investment management by</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investing primarily in a portfolio of long-term municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>federal income tax and New Jersey personal income taxes.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Performance</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the 12 months ended July 31, 2008, the Fund returned (3.50)% based on market price and (0.04)% based on NAV. For the same period, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (1.42)% on a NAV basis. All returns reflect </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>reinvestment of dividends. The performance of the Lipper category does not necessarily correlate to that of the Fund, as the Lipper group comprises</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>funds representing various states and not New Jersey alone. Nevertheless, the Fund&#146;s short duration position benefited performance during a period of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rising tax-exempt bond yields. Although the Fund increased its exposure to lower-rated bonds, limited overall exposure to these issues also enhanced</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>results, as these issues significantly underperformed over the last year amid dramatic widening in credit spreads.</FONT></P>
<P><FONT face=Arial size=2></FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>views are not intended to be a forecast of future events and are not guarantee of future results.</FONT></P>
</TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Fund Information</FONT></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Symbol on New York Stock Exchange</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MJI</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Initital Offering Date</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>October 30, 1992</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Yield on Closing Market Price as of July 31, 2008 ($12.81)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5.06%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7.78%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.054</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.648</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="65%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Leverage as of July 31, 2008</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>38%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="65%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="32%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap>
<P><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Past performance does not guarantee future results.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The distribution is not constant and is subject to change.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Shares and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>TOBs) minus the sum of accrued liabilities.</FONT></P>
<P><FONT face=Arial size=1></FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The table below summarizes the changes in the Fund&#146;s market price and net asset value per share:</FONT></P>
</TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Change</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Low</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="27%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Market Price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$12.81</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.70</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(6.50)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$14.20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$12.66</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$14.23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$15.02</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(5.26)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$15.47</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.64</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="27%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=5>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following unaudited charts show the portfolio composition and credit quality allocations of the Fund&#146;s long-term investments:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=center width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Portfolio Composition</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>City, County &amp; State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>18%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>18%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>19</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Education</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>18</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Lease Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Water &amp; Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>9</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tobacco</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Power</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>5</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Credit Rating</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AAA/Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>33%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>87%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AA/Aa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>46</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BBB/Baa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BB/Ba</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Not Rated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The investment advisor has deemed certain of these non-rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>securities to be of investment grade quality. As of July 31, 2008,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the market value of these securities was $12,649,795, represent-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>ing 6% of the Fund&#146;s long-term investments.</FONT></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>6 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Fund Summary </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>as of July 31, 2008</FONT></TD></TR></TABLE></P>
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     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Investment Objective</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Pennsylvania Insured Fund (MPA) (the &#147;Fund&#148;) </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>seeks to provide shareholders with as high a level of current income exempt from fed-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>eral and Pennsylvania income taxes as is consistent with its investment policies and prudent investment management by investing primarily in a portfolio of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>long-term municipal obligations the interest on which, in the opinion of bond counsel to the issuers, is exempt from federal and Pennsylvania income taxes.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Performance</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>For the 12 months ended July 31, 2008, the Fund returned (7.66)% based on market price and (3.58)% based on NAV. For the same period, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>closed-end Lipper Single-State Insured Municipal Debt Funds category posted an average return of (1.42)% on a NAV basis. All returns reflect </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>reinvestment of dividends. The performance of the Lipper category does not necessarily correlate to that of the Fund, as the Lipper group comprises</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>funds representing various states and not Pennsylvania alone. A long duration posture during a period of rising municipal bond yields detracted from</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Fund performance over the year. Overweight positions in lower-rated bonds and issues subject to the alternative minimum tax also negatively affected</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>results, as yield spreads in both sectors widened significantly. Bond Market Association swaps, utilized by management to reduce Fund duration, under-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>performed the municipal cash market for much of the recent annual period, which further hampered performance. The Fund&#146;s below-average distribu-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tion rate proved unfavorable as well.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>views are not intended to be a forecast of future events and are not guarantee of future results.</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Fund Information</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD></TR>
<TR>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="56%">
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="27%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Symbol on New York Stock Exchange</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MPA</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Initital Offering Date</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>October 30, 1992</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Yield on Closing Market Price as of July 31, 2008 ($12.43)</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5.12%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax Equivalent Yield</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7.88%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Monthly Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.053</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Current Annualized Distribution per Common Share</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.636</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Leverage as of July 31, 2008</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>41%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="56%">
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="27%">
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</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Past performance does not guarantee future results.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The distribution is not constant and is subject to change.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>As a percentage of total managed assets, which is the total assets of the Fund (including any assets attributable to Preferred Shares and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>TOBs) minus the sum of accrued liabilities.</FONT></P>
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<TABLE>
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     <TD noWrap align=center><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The table below summarizes the changes in the Fund&#146;s market price and net asset value per share:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Change</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>High</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Low</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="27%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Market Price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$12.43</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.67</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(9.07)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$14.28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$12.40</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Net Asset Value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$14.30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$15.49</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(7.68)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$15.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$13.93</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="27%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap align=center><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following unaudited charts show the portfolio composition and credit quality allocations of the Fund&#146;s long-term investments:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=center width="53%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Portfolio Composition</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="53%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>City, County &amp; State</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>27%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>24%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Education</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>20</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Lease Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>11</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Water &amp; Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Power</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>6</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>7</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Industrial &amp; Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="53%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Sales Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>1</FONT>&nbsp; </TD></TR>
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
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</TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left width="52%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Credit Quality Allocations</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>5</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="25%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Credit Rating</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/08</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/07</FONT></B>&nbsp; </TD></TR>
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="25%">
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AAA/Aaa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>48%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>84%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AA/Aa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>5</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>A/A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BBB/Baa</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>3</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>8</FONT>&nbsp; </TD></TR>
<TR>
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</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="25%">
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     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
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<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=3><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR></TABLE><BR>
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<TABLE>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>7</FONT></TD></TR></TABLE></P>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">The Benefits and Risks of Leveraging</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Florida Insured Fund, BlackRock MuniYield</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Michigan Insured Fund, Inc., BlackRock MuniYield New Jersey Insured</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund, Inc., and BlackRock MuniYield Pennsylvania Insured Fund (each a</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#147;Fund&#148; and, collectively, the &#147;Funds&#148;) utilize leverage to seek to enhance</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the yield and NAV of their Common Shares. However, these objectives</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">cannot be achieved in all interest rate environments.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">To leverage, the Funds issue Preferred Shares, which pay dividends at</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">prevailing short-term interest rates, and invest the proceeds in long-term</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">municipal bonds. The interest earned on these investments is paid </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">to Common Shareholders in the form of dividends, and the value of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">these portfolio holdings is reflected in the per share net asset value of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">each Fund&#146;s Common Shares. However, in order to benefit Common</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Shareholders, the yield curve must be positively sloped; that is, short-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">term interest rates must be lower than long-term interest rates. At the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">same time, a period of generally declining interest rates will benefit</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Common Shareholders. </FONT><B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">If either of these conditions change, then the</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">risks of leveraging will begin to outweigh the benefits.</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">To illustrate these concepts, assume a fund&#146;s Common Shares capital-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ization of &#36;100 million and the issuance of Preferred Shares for an</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">additional &#36;50 million, creating a total value of &#36;150 million available</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">for investment in long-term municipal bonds. If prevailing short-term</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">interest rates are approximately 3% and long-term interest rates are</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">approximately 6%, the yield curve has a strongly positive slope. The fund</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">pays dividends on the &#36;50 million of Preferred Shares based on the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">lower short-term interest rates. At the same time, the fund&#146;s total port-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">folio of &#36;150 million earns income based on long-term interest rates.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In this case, the dividends paid to Preferred Shareholders are signifi-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">cantly lower than the income earned on the fund&#146;s long-term invest-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ments, and therefore the Common Shareholders are the beneficiaries </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of the incremental yield. However, </FONT><B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">if short-term interest rates rise</FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">, nar-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">rowing the differential between short-term and long-term interest rates,</FONT><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">the incremental yield pickup on the Common Shares will be reduced or</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">eliminated completely</FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">. At the same time, the market value of the fund&#146;s</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Common Shares (that is, its price as listed on the New York Stock</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Exchange) may, as a result, decline. Furthermore, </FONT><B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">if long-term interest</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">rates rise, the Common Shares&#146; NAV will reflect the full decline in the </FONT></B></TD></TR></TABLE>
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<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">price of the portfolio&#146;s investments, since the value of the fund&#146;s</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Preferred Shares does not fluctuate</FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">. In addition to the decline in NAV,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the market value of the fund&#146;s Common Shares may also decline.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In addition, the Funds may from time to time leverage their assets</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">through the use of tender option bond (&#147;TOB&#148;) programs. In a typical</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">TOB program, the Fund transfers one or more municipal bonds to a TOB</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">trust which issues short-term variable rate securities to third-party</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">investors and a residual interest to the Fund. The cash received by the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">TOB trust from the issuance of the short-term securities (less transaction</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">expenses) is paid to the Fund, which invests the cash in additional port-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">folio securities. The distribution rate on the short-term securities is reset</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">periodically (typically every seven days) through a remarketing of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">short-term securities. Any income earned on the bonds in the TOB trust,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">net of expenses incurred by the TOB trust, that is not paid to the holders</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of the short-term securities is paid to the Fund. In connection with man-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">aging the Funds&#146; assets, the Funds&#146; investment advisor may at any time</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">retrieve the bonds out of the TOB trust typically within seven days. </FONT><B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">TOB</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">investments generally will provide the Fund with economic benefits in</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">periods of declining short-term interest rates, but expose the Fund to</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">risks during periods of rising short-term interest rates similar to those</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">associated with Preferred Shares issued by the Fund, as described</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">above. Additionally, fluctuations in the market value of municipal secu-</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">rities deposited into the TOB trust may adversely affect the Funds&#146; NAVs</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">per share. </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(See Note 1 of the Notes to Financial Statements for details</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of municipal bonds transferred to TOB trusts.)</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Under the Investment Company Act of 1940, the Funds are permitted</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">to issue Preferred Shares in an amount up to 50% of their total </FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">managed assets at the time of issuance. Each Fund also anticipates</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">that its total economic leverage from Preferred Shares and TOBs will</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">not exceed 50% of its total managed assets. As of July 31, 2008,</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Florida Insured Fund, BlackRock MuniYield</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Michigan Insured Fund, Inc., BlackRock MuniYield New Jersey Insured</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Fund, Inc. and BlackRock MuniYield Pennsylvania Insured Fund, had</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">leverage from Preferred Shares and TOBs of 42%, 42%, 38% and 41%</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">of their total managed assets, respectively.</FONT></B></TD></TR></TABLE>
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<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Swap Agreements</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Funds may invest in swap agreements, which are over-the-counter</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">contracts in which one party agrees to make periodic payments based</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">on the change in market value of a specified bond, basket of bonds, or</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">index in return for periodic payments based on a fixed or variable inter-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">est rate or the change in market value of a different bond, basket of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">bonds or index. Swap agreements may be used to obtain exposure to a</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">bond or market without owning or taking physical custody of securities.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Swap agreements involve the risk that the party with whom each Fund</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">has entered into a swap will default on its obligation to pay the Fund</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and the risk that the Fund will not be able to meet its obligation to pay</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the other party to the agreement.</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">8 ANNUAL REPORT</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
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<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>July 31, 2008 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Florida Insured Fund</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
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     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
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</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Florida &#151; 133.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Alachua County, Florida, School Board, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 7/01/29 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,282,086</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Boynton Beach, Florida, Utility System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds, 6.25%, 11/01/20 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>816,676</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Brevard County, Florida, Health Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Healthcare Facilities Revenue Bonds (Health</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>First Inc. Project), 5%, 4/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,798,420</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Broward County, Florida, Educational Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority Revenue Bonds (Nova Southeastern</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University), 5%, 4/01/31 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,720</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,665,493</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Broward County, Florida, HFA, S/F Mortgage</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, AMT, Series E,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.90%, 10/01/39 (e)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,100,055</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Broward County, Florida, School Board, COP, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 7/01/33 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,986,160</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Daytona Beach, Florida, Utility System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds, Series B, 5%, 11/15/27 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>945,480</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Deltona, Florida, Transportation Capital Improvement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, 5.125%, 10/01/26 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,006,230</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Emerald Coast, Florida, Utilities Authority, System</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, 5.25%, 1/01/36 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>957,950</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Flagler County, Florida, Capital Improvement Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 5%, 10/01/35 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>963,960</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida HFA, Housing Revenue Bonds (Brittany</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Rosemont Apartments), AMT, Series C-1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.75%, 8/01/14 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>910</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>910,983</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida Housing Finance Corporation, Homeowner</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mortgage Revenue Bonds, AMT:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series 1, 6%, 7/01/39 (e)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>493,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series 11, 5.95%, 1/01/32 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,530</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,516,551</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida Housing Finance Corporation, Homeowner</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mortgage Revenue Refunding Bonds, AMT, Series 4,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 7/01/22 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>313,404</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida State Board of Education (b):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Outlay, GO, Public Education, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 6/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,004,620</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lottery Revenue Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 7/01/10 (i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,190</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,685,881</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida State Governmental Utility Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Utility Revenue Bonds (Lehigh Utility System),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 10/01/33 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>997,820</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Florida (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida State Turnpike Authority, Turnpike Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Department of Transportation), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,860</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,865,413</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Highlands County, Florida, Health Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital Revenue Bonds (Adventist Health System),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 5.25%, 11/15/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>949,160</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hillsborough County, Florida, Aviation Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, AMT, Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 10/01/26 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,023,880</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hillsborough County, Florida, HFA, S/F</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mortgage Revenue Bonds, AMT, Series 1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 10/01/49 (e)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,340</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,273,027</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hillsborough County, Florida, IDA, PCR, Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Tampa Electric Company Project), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.15%, 9/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>507,115</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hillsborough County, Florida, School Board, COP (h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 7/01/09 (i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,183,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>979,630</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jacksonville, Florida, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Commission, Health Care Facilities Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Mayo Clinic-Jacksonville) (h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.50%, 11/15/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,012,230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5.50%, 11/15/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>759,173</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jacksonville, Florida, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Commission, IDR (Metropolitan Parking Solutions</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), AMT, 5.50%, 10/01/30 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,140</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,034,254</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jacksonville, Florida, Guaranteed Entitlement</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding and Improvement Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 10/01/32 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,455</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,462,450</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jacksonville, Florida, HFA, Homeowner Mortgage</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, AMT, Series A-1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.625%, 10/01/39 (e)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>990</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>972,111</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jacksonville, Florida, Port Authority Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, 6%, 11/01/38 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,593,631</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jacksonville, Florida, Port Authority, Seaport Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, AMT, 5.625%, 11/01/26 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,202,289</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lakeland, Florida, Electric and Water Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds, Series A, 5%, 10/01/28 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,982,300</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lee County, Florida, Airport Revenue Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6%, 10/01/29 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,014,260</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=center width="30%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Portfolio Abbreviations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD></TR>
<TR>
     <TD width="30%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="22%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=9>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>To simplify the listings of portfolio holdings in the</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>AMT</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Alternative Minimum Tax (subject to)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>IDA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Industrial Development Authority</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Schedules of Investments, the names and descriptions</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>CABS</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Appreciation Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>IDR</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Industrial Development Revenue Bonds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of many of the securities have been abbreviated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>COP</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Certificates of Participation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>M/F</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Multi-Family</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>according to the list on the right.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>DRIVERS</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Derivative Inverse Tax-Exempt Receipts</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>PCR</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pollution Control Revenue Bonds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>EDA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Economic Development Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>RIB</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Residual Interest Bonds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>EDR</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Economic Development Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>S/F</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Single Family</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>GO</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>General Obligation Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>SIFMA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Securities Industry and Financial</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>HDA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Housing Development Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Markets Association</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>HFA</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Housing Finance Agency</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>VRDN</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Variable Rate Demand Notes</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>9</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_10"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Florida Insured Fund</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Florida (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lee County, Florida, Capital Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 10/01/23 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,285</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,352,476</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lee Memorial Health System, Florida, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Series A, 5%, 4/01/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,929,920</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Leesburg, Florida, Capital Improvement Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 5.25%, 10/01/34 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>999,920</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Martin County, Florida, Utilities System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 5.125%, 10/01/33 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>979,840</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami Beach, Florida, Water and Sewer Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 5.75%, 9/01/25 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,097,480</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Aviation Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Miami International Airport), AMT, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 10/01/24 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,036,050</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Aviation Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Miami International Airport), AMT:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.25%, 10/01/41 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,142,112</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.50%, 10/01/41 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,374,512</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5%, 10/01/19 (k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,068,708</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Educational Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority Revenue Bonds (University of Miami),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.75%, 4/01/10 (a)(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,136,140</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Expressway Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Toll System Revenue Bonds, Series B (b):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 7/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,002,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,320,272</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, HFA, Home Ownership</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mortgage Revenue Bonds, AMT, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.55%, 10/01/49 (e)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,171,644</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, IDA, IDR (BAC</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Funding Corporation Project), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 10/01/30 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,655</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,674,248</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, School Board, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding, Series B (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 5/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,014,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 5/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,760</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,766,512</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 5/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,415</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,422,386</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, School Board, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.50%, 10/01/09 (g)(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,085,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Solid Waste System</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, 5.25%, 10/01/30 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,865</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,843,198</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Special Obligation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Sub-Series A (h)(l):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.186%, 10/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,142,662</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.203%, 10/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,735</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,328,742</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orange County, Florida, Educational Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Educational Facilities Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Rollins College Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 12/01/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,765</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,850,436</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orange County, Florida, Health Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital Revenue Bonds (Orlando Regional</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Healthcare), 6%, 12/01/12 (i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,835</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,043,621</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Florida (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orange County, Florida, Health Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Hospital Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Orlando Regional Healthcare), Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 12/01/29 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,450</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,467,124</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orange County, Florida, Sales Tax Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series A, 5.125%, 1/01/23 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,025,550</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orange County, Florida, Tourist Development, Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, 5%, 10/01/29 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,190</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,131,286</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orlando and Orange County, Florida, Expressway</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority Revenue Bonds, Series B (a):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,916,400</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,815</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,657,028</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Osceola County, Florida, Tourist Development Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Series A, 5.50%, 10/01/27 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,108,041</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Palm Beach County, Florida, Criminal Justice</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities Revenue Bonds, 7.20%, 6/01/15 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,812,015</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Palm Beach County, Florida, School Board, COP:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding, Series D, 5.25%, 8/01/21 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,093,820</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 6%, 8/01/10 (b)(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,391,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Panama City, Florida, Water and Sewer Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series B, 5.25%, 10/01/22 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,561,545</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Polk County, Florida, Utility System Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 10/01/22 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,028,600</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port St. Lucie, Florida, Utility Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 9/01/24 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,055</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,063,145</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Saint Johns County, Florida, Ponte Vedra Utility</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>System Revenue Bonds (g):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 10/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,425</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,411,662</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 10/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>999,930</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Saint Johns County, Florida, Sales Tax Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series A, 5.25%, 10/01/31 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,401,358</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Saint Lucie, Florida, West Services District, Utility</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, 5.25%, 10/01/34 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,010,150</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Santa Rosa County, Florida, School Board, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding, Series 2, 5.25%, 2/01/26 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,004,920</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>South Lake County, Florida, Hospital District</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (South Lake Hospital Inc.),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.80%, 10/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,004,180</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tallahassee, Florida, Capital Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 10/01/24 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,019,590</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of Central Florida Athletics Association Inc.,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>COP, Series A, 5.25%, 10/01/34 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,280</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,017,207</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of Central Florida, COP (UCF Convocation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Center), Series A, 5%, 10/01/35 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,820</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,552,297</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Village Center Community Development District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida, Recreational Revenue Bonds, Series A (h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 11/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,002,020</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 11/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,640</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,669,094</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Village Center Community Development District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Florida, Utility Revenue Bonds (h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 10/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,030</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,075,337</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 10/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,585</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,688,219</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>10 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_11"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (concluded) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Florida Insured Fund</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Florida (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Volusia County, Florida, IDA, Student Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Stetson University Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A (m):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 6/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 899,760</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 6/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>850,890</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Puerto Rico &#151; 1.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Public Buildings Authority, Government</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities Revenue Refunding Bonds, Series I,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>943,990</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Public Finance Corporation,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Commonwealth Appropriation Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series E, 5.70%, 2/01/10 (i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,201,769</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds &#151; 134.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>153,049,898</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts (n)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Florida</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hillsborough County, Florida, Aviation Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, AMT, Series A, 5.5, 10/01/38 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,504</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,485,123</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jacksonville Electric Authority, Florida, Saint John&#146;s</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>River Power Park System Revenue Bonds, Issue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Three, Series 2, 5%, 10/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,289</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,284,847</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jacksonville, Florida, Health Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hospital Revenue Bonds (Baptist Medical Center</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), 5%, 8/15/37 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,880</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,823,725</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jacksonville, Florida, Sales Tax Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 10/01/27 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,319</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,334,749</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lee County, Florida, HFA, S/F Mortgage Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Multi-County Program), AMT, Series A-2,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6, 9/01/40 (e)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,843,398</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Manatee County, Florida, HFA, Homeowner Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, AMT, Series A, 5.9, 9/01/40 (e)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,005</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>985,433</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Aviation Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, AMT, Series A, 5%, 10/01/33 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,212</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,650,474</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Miami-Dade County, Florida, Health Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Hospital Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Miami Children&#146;s Hospital), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.625%, 8/15/18 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,588,557</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orlando, Florida, Senior Tourist Development Tax</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (6th Cent Contract Payments),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.25%, 11/01/38 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,972,960</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Palm Beach County, Florida, School Board, COP,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5%, 8/01/31 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,305</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,297,940</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>South Broward, Florida, Hospital District, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, 5.625%, 5/01/32 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,407,320</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds Transferred to Tender Option</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Bond Trusts &#151; 27.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>31,674,526</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=2>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Long-Term Investments</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Cost &#151; $186,495,649) &#151; 162.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>184,724,424</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>CMA Florida Municipal Money Fund, 1.75% (o)(p)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,412,044</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12,412,044</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Cost &#151; $12,412,044) &#151; 11.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,412,044</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="77%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Investments (Cost &#151; $198,907,693*) &#151; 173.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>197,136,468</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Liabilities in Excess of Other Assets &#151; (2.6)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,958,692)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Expense and Fees Payable &#151; (16.3)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(18,462,062)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares, at Redemption Value &#151; (54.9)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(62,266,457)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$113,449,257</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>* The cost and unrealized appreciation (depreciation) of investments as of July 31,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2008, as computed for federal income tax purposes, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 180,584,649</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="43%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,035,667</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,834,332)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="43%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ (1,798,665)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="43%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(a) AMBAC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(b) FGIC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(c) Security is collateralized by Municipal or U.S. Treasury Obligations.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(d) Assured Guaranty Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e) FHLMC Collateralized.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(f) FNMA/GNMA Collateralized.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g) FSA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(h) MBIA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(i) U.S. government securities, held in escrow, are used to pay interest on this </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>security as well as to retire the bond in full at the date indicated, typically at a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>premium to par.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(j) ACA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(k) XL Capital Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(l) Represents a zero-coupon bond. Rate shown reflects the effective yield at the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>time of purchase.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(m) CIFG Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(n) Securities represent bonds transferred to a tender option bond trust in exchange</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>for which the Fund acquired residual interest certificates. These securities serve</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>as collateral in a financing transaction. See Note 1 of the Notes to Financial</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Statements for details of municipal bonds transferred to tender option bond</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>trusts.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(o) Investments in companies considered to be an affiliate of the Fund, for purposes</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="50%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>CMA Florida Municipal Money Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,566,553</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$90,469</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="50%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(p) Represents the current yield as of report date.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>11</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_12"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>July 31, 2008 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Michigan &#151; 136.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Adrian, Michigan, City School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/14 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,919,932</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bay City, Michigan, School District, School Building</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Site, GO, 5%, 5/01/31 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,725</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,731,817</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Birmingham, Michigan, City School District, School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Building and Site, GO, 5%, 11/01/33 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,002,050</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Central Montcalm, Michigan, Public Schools, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.90%, 5/01/09 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,031,980</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Delta County, Michigan, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation, Environmental Improvement Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Mead Westvaco-Escanaba), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 6.45%, 4/15/12 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,657,770</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Detroit, Michigan, City School District, GO (School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Building and Site Improvement) (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.375%, 5/01/13 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,529,655</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5%, 5/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,057,654</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Detroit, Michigan, City School District, GO (School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Building and Site Improvement), Refunding,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5%, 5/01/21 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,069,960</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Detroit, Michigan, Water Supply System</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, DRIVERS, Series 200,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 7/01/11 (b)(d)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,025</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,212,104</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Detroit, Michigan, Water Supply System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Second Lien, Series B (c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/13 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,550</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,682,571</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,420</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,318,215</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Detroit, Michigan, Water Supply System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Senior Lien, Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.875%, 1/01/10 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,327,637</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 7/01/11 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>763,889</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/13 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,070,738</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/25 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,041,520</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/34 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,609,786</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Detroit, Michigan, Water Supply System Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series B, 5.25%, 7/01/13 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,790</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,931,744</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Detroit, Michigan, Water Supply System, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds, 6.25%, 7/01/12 (d)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,180</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,269,302</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dickinson County, Michigan, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation, Environmental Improvement Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (International Paper Company</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), Series A, 5.75%, 6/01/16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,827,499</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dickinson County, Michigan, Healthcare</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>System, Hospital Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.80%, 11/01/24 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,961,585</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>East Grand Rapids, Michigan, Public School District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>GO, 5%, 5/01/31 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,575</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,582,922</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Eastern Michigan University, General Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 6/01/10 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>590</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>635,159</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 6/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>435</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>459,164</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Eastern Michigan University Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B (b)(d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.60%, 6/01/10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,587,195</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.625%, 6/01/10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,310</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,386,740</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Michigan (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Eaton Rapids, Michigan, Public Schools, School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Building and Site, GO (a):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/14 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,425</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,640,510</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 5/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,399,942</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 5/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,675</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,760,844</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,722,746</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,175</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,180,734</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Flint, Michigan, Hospital Building Authority, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Hurley Medical Center),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A (g):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 7/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>615</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>553,937</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 7/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,375</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,311,915</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Frankenmuth, Michigan, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 5/01/10 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,060,050</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gibraltar, Michigan, School District, GO (School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Building and Site) (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/14 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,940</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,201,278</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>710</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>711,001</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Grand Blanc, Michigan, Community Schools, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.625%, 5/01/20 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,160,412</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Grand Rapids, Michigan, Building Authority Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series A (h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 10/01/12 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,035</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,138,148</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 10/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>665</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>705,252</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 10/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>954,477</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Grand Valley State University, Michigan, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 5.50%, 2/01/18 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,070</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,199,996</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Greater Detroit Resource Recovery Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan, Revenue Refunding Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 12/13/08 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,422,125</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gull Lake, Michigan, Community School District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>School Building and Site, GO, 5%, 5/01/14 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,625</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,124,894</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hancock, Michigan, Public Schools, School Building</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Site, GO, 5%, 5/01/33 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,025</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,021,983</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Harper Woods, Michigan, City School District, School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Building and Site, GO, Refunding (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/14 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,345</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,731,140</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>430</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>421,426</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hartland, Michigan, Consolidated School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 5/01/10 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,825</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,263,916</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hudsonville, Michigan, Public Schools, School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Building and Site, GO, 5%, 5/01/29 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,990</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,009,471</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jenison, Michigan, Public Schools, School Building</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Site, GO, 5.50%, 5/01/19 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,575</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,654,727</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Kent, Michigan, Hospital Finance Authority, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (Butterworth Hospital),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 7.25%, 1/15/13 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,365</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,690,496</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Kent, Michigan, Hospital Finance Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Spectrum Health), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 7/15/11 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,247,260</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lansing, Michigan, Building Authority, GO, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%,6/01/13 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,510</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,662,812</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>12 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_13"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Michigan (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lapeer, Michigan, Community Schools, School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Building and Site, GO, 5%, 5/01/37 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,015</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,999,646</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan Higher Education Facilities Authority, Limited</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Obligation Revenue Bonds (Hillsdale College</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), 5%, 3/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,875</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,777,313</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan Higher Education Facilities Authority, Limited</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Obligation Revenue Refunding Bonds (College for</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Creative Studies) (b):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.85%, 6/01/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,235</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,353,856</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.90%, 6/01/12</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,257,244</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan Higher Education Facilities Authority, Limited</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Obligation Revenue Refunding Bonds (Hope</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>College), Series A, 5.90%, 4/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,241,248</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan Higher Education Student Loan Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Student Loan Revenue Bonds, AMT (h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series XVII-B, 5.40%, 6/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,355,900</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series XVII-Q, 5%, 3/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,389,860</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan Municipal Bond Authority Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Local Government Loan Program), Group A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 11/01/20 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,065</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,114,171</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Building Authority, Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Facilities Program) (c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series I, 5.50%, 10/15/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,645,550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series II, 5%, 10/15/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,454,710</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Building Authority, Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, RIB, Series 517X, 8.11%, 10/15/10 (a)(d)(e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,408,850</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="66%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State, COP (h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 6/01/10 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,174,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.40%, 6/01/22 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,541,880</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State, Comprehensive Transportation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, 5%, 5/15/26 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,740</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,817,119</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State, HDA, Limited Obligation M/F Housing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, AMT (i):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Deaconess Towers Apartments),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 2/20/48</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>865,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Williams Pavilion Apartments),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.75%, 4/20/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,050</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,275,681</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State, HDA, Rental Housing Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, AMT:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.30%, 10/01/37 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>178,796</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series D, 5%, 4/01/26 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,310</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,036,594</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Hospital Finance Authority, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Mid-Michigan Obligation Group),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.50%, 4/15/18 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,530</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,619,309</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Hospital Finance Authority, Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Crittenton Hospital), Series A, 5.625%, 3/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,212,650</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Oakwood Obligated Group), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/15/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,794,714</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Oakwood Obligated Group), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/15/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>630</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>546,254</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Sparrow Obligated Group), 5%, 11/15/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,889,882</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Michigan (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Hospital Finance Authority Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(McLaren Health Care Corporation), Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 8/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 916,970</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Mid-Michigan Obligor Group), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 4/15/36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,573,513</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Hospital Finance Authority, Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Ascension Health Credit), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 11/15/09 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,645,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Henry Ford Health System), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 11/15/46</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,243,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(McLaren Health Care Corporation),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 5/15/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,899,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Mercy Health Services), Series X,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 8/15/09 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,089,060</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Saint John Hospital), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6%, 5/15/13 (f)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,115,020</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Trinity Health Credit Group), Series D,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 8/15/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,982,107</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Trinity Health Credit), Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 12/01/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,016,710</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Trinity Health Credit), Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 12/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,755</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,787,143</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Trinity Health), Series A, 6%, 12/01/27 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,756,480</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Michigan State Strategic Fund, Limited Obligation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Detroit Edison Company Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), AMT, Series A, 5.55%, 9/01/29 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,259,645</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Detroit Edison Company Pollution Control</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), Series AA, 6.95%, 5/01/11 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,529,080</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Monroe County, Michigan, Economic Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation, Limited Obligation Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Detroit Edison Co. Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series AA, 6.95%, 9/01/22 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,813,250</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Montrose Township, Michigan, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.20%, 5/01/17 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,159,960</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Muskegon Heights, Michigan, Water</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>System Revenue Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.625%, 11/01/10 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,830</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,961,193</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Norway Vulcan, Michigan, Area Schools, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.90%, 5/01/09 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,135,255</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Oak Park, Michigan, Street Improvement, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/30 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>491,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Orchard View, Michigan, Schools, School Building</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Site, GO, 5%, 11/01/13 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,320</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,788,797</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennfield, Michigan, School District, School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Building and Site, GO,5%, 5/01/14 (b)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,370</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,491,752</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Plainwell, Michigan, Community Schools,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>School District, School Building and Site, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 11/01/12 (a)(b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,101,110</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Plymouth-Canton, Michigan, Community School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>District, GO, 5%, 5/01/29 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,905</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,899,689</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>13</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_14"></A>

<P align="left">
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Schedule of Investments (continued) </FONT><B><FONT color="#0035c4" size=2 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan
Insured Fund, Inc.</FONT></B></P>
<P align="left">
<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Michigan (concluded)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Ravenna, Michigan, Public Schools, School Building</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and Site, GO, 5%, 5/01/38 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=17% nowrap colspan=3>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 1,520</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 1,508,250</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=65% nowrap colspan=3>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Reed, Michigan, City Public Schools, School Building</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and Site, GO, 5%, 5/01/14 (a)(b)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,425</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,551,640</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Saginaw, Michigan, Hospital Finance Authority,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Revenue Refunding Bonds (Covenant Medical</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Center), Series E, 5.625%, 7/01/13 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,594,050</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Saginaw Valley State University, Michigan, General</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Revenue Refunding Bonds, 5%, 7/01/24 (d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,100</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,086,245</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Saint Clair County, Michigan, Economic Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Refunding Bonds (Detroit Edison Co. Project),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series AA, 6.40%, 8/01/24 (h)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">17,800</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">18,198,898</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">South Haven, Michigan, Public Schools, GO,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5%, 5/01/13 (b)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,350</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,462,604</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Southfield, Michigan, Library Building Authority, GO,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.50%, 5/01/10 (b)(c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,300</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,372,514</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=65% nowrap colspan=3>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Southfield, Michigan, Public Schools, School Building</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and Site, GO, Series A (a)(b):</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5%, 5/01/14</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3,811,045</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.25%, 5/01/14</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,900</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3,195,423</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=65% nowrap colspan=3>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Sparta, Michigan, Area Schools, School Building and</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Site, GO, 5%, 5/01/14 (b)(d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,325</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,442,753</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Thornapple Kellogg School District, Michigan, GO,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Refunding, 5%, 5/01/32 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,475,800</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Waverly, Michigan, Community School, GO,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.50%, 5/01/10 (b)(d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,100</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,157,277</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Wayne Charter County, Michigan, Airport Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Bonds (Detroit Metropolitan Wayne County), AMT,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series A, 5.375%, 12/01/15 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">10,660</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">10,694,858</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=65% nowrap colspan=3>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Wayne Charter County, Michigan, Detroit Metropolitan</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=65% nowrap colspan=3>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Airport, GO, Airport Hotel, Series A, 5%, 12/01/30 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,750</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,715,280</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Wayne County, Michigan, Airport Authority Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=65% nowrap colspan=3>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Bonds (Detroit Metropolitan Wayne County Airport),</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">AMT (c):</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.25%, 12/01/25</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">7,525</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">7,013,375</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.25%, 12/01/26</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6,300</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5,844,447</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5%, 12/01/34</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9,160</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,009,045</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Wayne County, Michigan, Airport Authority, Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Refunding Bonds, AMT (j):</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.75%, 12/01/25</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,093,520</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.75%, 12/01/26</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,021,790</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">West Bloomfield, Michigan, School District, GO,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Refunding (d):</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.50%, 5/01/17</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,710</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,826,451</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.50%, 5/01/18</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,225</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,296,626</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Zeeland, Michigan, Public Schools, School Building</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and Site, GO, 5%, 5/01/29 (c)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,600</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,606,224</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=59% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=4% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">352,204,767</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Par</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Municipal Bonds</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">(000)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=19% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Value</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Puerto Rico &#151; 4.2%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Puerto Rico Commonwealth Highway and</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Transportation Authority, Highway Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Refunding Bonds, Series CC, 5.50%, 7/01/31 (j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 4,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 4,236,960</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Puerto Rico Municipal Finance Agency Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Bonds, Series A, 5%, 8/01/27 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,790</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,797,003</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Puerto Rico Sales Tax Financing Corporation, Sales</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Tax Revenue Refunding Bonds, Series A (c)(k):</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.20%, 8/01/43</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">12,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,673,248</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4.99%, 8/01/46</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">20,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,236,600</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">10,943,811</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Total Municipal Bonds &#151; 140.8%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">363,148,578</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Municipal Bonds Transferred to</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Tender Option Bond Trusts (l)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Michigan</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System, Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Refunding Bonds, Second Lien, Series C,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5%, 7/01/29 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">10,569</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">10,527,554</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Detroit, Michigan, Water Supply System, Senior Lien</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Revenue Bonds, Series A, 5.75%, 7/01/11 (b)(d)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6,547,620</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Lakewood, Michigan, Public Schools, School Building</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and Site, GO, 5%, 5/01/37 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6,775</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6,469,482</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Michigan State Building Authority, Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Refunding Bonds (Facilities Program), Series I,</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.50%, 10/15/10 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">19,780</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">21,036,821</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Portage, Michigan, Public Schools, School Building</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and Site, GO, 5%, 5/01/31 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,650</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,685,340</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Saginaw Valley State University, Michigan, Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Refunding Bonds, 5%, 7/01/31 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">7,500</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">7,517,100</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Wayne County, Michigan, Airport Authority, Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Refunding Bonds, AMT, 5.375%, 12/01/32 (j)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,700</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,508,687</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Wayne State University, Michigan, University Revenue</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Refunding Bonds, 5%, 11/15/35 (a)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">12,207</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">12,134,001</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Total Municipal Bonds Transferred to Tender Option</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Bond Trusts &#151; 30.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">77,426,605</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Total Long-Term Investments</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">(Cost &#151; &#36;437,658,333) &#151; 170.8%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">440,575,183</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Short-Term Securities</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">CMA Michigan Municipal Money Fund, 1.64% (m)(n)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,567,533</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,567,533</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Total Short-Term Securities</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">(Cost &#151; &#36;4,567,533) &#151; 1.8%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,567,533</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=78% nowrap colspan=3>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Total Investments (Cost &#151; &#36;442,225,866*) &#151; 172.6%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">445,142,716</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Other Assets Less Liabilities &#151; 0.2%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">472,962</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Liability for Trust Certificates, Including Interest</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Expense and Fees Payable &#151; (16.7)%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(43,122,738)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Preferred Shares, at Redemption Value &#151; (56.1)%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(144,686,735)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=61% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;257,806,205</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">See Notes to Financial Statements.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">14 ANNUAL REPORT</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
</P>

<HR noshade align="center" width="100%" size=2>


<!--$$/page=-->
<A name="page_15"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (concluded) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>* The cost and unrealized appreciation (depreciation) of investments as of July 31,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2008, as computed for federal income tax purposes, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 399,792,371</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="43%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12,821,704</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(10,427,050)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="43%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="43%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,394,654</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="43%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(a) FSA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(b) U.S. government securities, held in escrow, are used to pay interest on this </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>security as well as to retire the bond in full at the date indicated, typically at a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>premium to par.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(c) MBIA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(d) FGIC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e) Variable rate security. Rate shown is as of report date. Maturity shown is the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>final maturity date.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(f) Security is collateralized by Municipal or U.S. Treasury Obligations.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g) ACA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(h) AMBAC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(i) GNMA Collateralized.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(j) Assured Guaranty Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(k) Represents a zero-coupon bond. Rate shown reflects the effective yield at the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>time of purchase.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(l) Securities represent bonds transferred to a tender option bond trust in exchange</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>for which the Fund acquired residual interest certificates. These securities serve</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>as collateral in a financing transaction. See Note 1 of the Notes to Financial</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Statements for details of municipal bonds transferred to tender option bond</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>trusts.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(m) Investments in companies considered to be an affiliate of the Fund, for purposes</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>CMA Michigan Municipal Money Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>645,977</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$170,765</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="52%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=4>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(n) Represents the current yield as of report date.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD width=6>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT JULY 31, 2008 15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_16"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>July 31, 2008 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Jersey &#151; 134.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Delaware River and Bay Authority Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 1/01/33 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 983,340</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Delaware River Port Authority of Pennsylvania and New</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jersey Revenue Bonds, 6%, 1/01/18 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,201,400</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Essex County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Airport Revenue Refunding Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.75%, 11/01/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>887,900</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Garden State Preservation Trust of New Jersey,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Appreciation Revenue Bonds, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.12%, 11/01/23 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,925</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,231,967</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Garden State Preservation Trust of New Jersey, Open</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Space and Farmland Preservation Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.80%, 11/01/22 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,605</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,891,368</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gloucester County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Solid Waste Resource Recovery, Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Waste Management Inc. Project), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.85%, 12/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,064,380</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hopatcong, New Jersey, GO, Sewer Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.50%, 8/01/33 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>711,173</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hudson County, New Jersey, COP, Refunding,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 12/01/16 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,149,950</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hudson County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Appreciation Revenue Bonds, Series A-1,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.46%, 12/15/32 (a)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>258,780</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hudson County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facility Lease Revenue Refunding Bonds (Hudson</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>County Lease Project), 5.375%, 10/01/24 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,522,200</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jackson Township, New Jersey, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 4/15/12 (e)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,589,740</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Jersey City, New Jersey, Sewer Authority, Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, 6.25%, 1/01/14 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,091,550</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Middlesex County, New Jersey, COP, Refunding,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 8/01/22 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,043,350</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Monmouth County, New Jersey, Improvement Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Governmental Loan Revenue Refunding Bonds (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 12/01/11 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,045</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,263,997</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.20%, 12/01/14</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>250,320</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 12/01/15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>765</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>799,096</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 12/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>605</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>631,560</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 12/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>545</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>566,653</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 12/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>560</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>578,575</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Morristown, New Jersey, Parking Authority Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 4.50%, 8/01/37 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,355</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,234,500</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Cigarette Tax Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.625%, 6/15/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,060</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,036,765</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 6/15/29 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>785</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>767,228</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 6/15/31 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>225</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>218,153</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 6/15/34 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>465</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>453,361</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, First Mortgage Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (Fellowship Village Project), Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="62%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 1/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>931,140</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="62%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Jersey (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, First Mortgage Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Fellowship Village), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 1/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,681,487</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Motor Vehicle Surcharge Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series A (a):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.95%, 7/01/21 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,213,162</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,835,260</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 7/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,616,025</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,765</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,727,282</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, School Facilities Construction</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Series U, 5%, 9/01/37 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,003,580</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, School Facilities Construction,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, Series K,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 12/15/17 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,602,030</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Water Facilities Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(New Jersey-American Water Company, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), AMT, Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 11/01/32 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>907,080</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.875%, 11/01/34 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,070</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,127,595</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey EDA, Water Facilities Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds (United Water of New Jersey, Inc.),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 4.50%, 11/01/25 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>966,150</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey Health Care Facilities Financing Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Meridian Health), Series I, 5%, 7/01/38 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>745,358</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Somerset Medical Center), 5.50%, 7/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,125</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>907,088</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(South Jersey Hospital System), 6%, 7/01/12 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,427,720</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey Health Care Facilities Financing Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Atlantic City Medical Center),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 7/01/12 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>525</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>576,335</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Atlantic City Medical Center),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.25%, 7/01/12 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>290</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>325,032</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Atlantic City Medical Center), 6.25%, 7/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>348,576</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Atlantic City Medical Center), 5.75%, 7/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>790</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>805,460</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Hackensack University Medical Center),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 1/01/36 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,562,300</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Meridian Health System Obligation Group),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 7/01/19 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,320,583</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey Sports and Exposition Authority, Luxury</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax Revenue Refunding Bonds (Convention</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Center) (a):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 3/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,686,362</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 3/01/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,093,300</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Educational Facilities Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Montclair State University), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/21 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,654,336</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Rowan University), Series C, 5%, 7/01/14 (a)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,185</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,295,774</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=7>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>16 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_17"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Jersey (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Educational Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Montclair State University), Series J,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.25%, 7/01/30 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,895</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,549,424</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Montclair State University), Series L,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/14 (a)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,185</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,482,734</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Ramapo College), Series I, 4.25%, 7/01/31 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,095,050</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Ramapo College), Series I, 4.25%, 7/01/36 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,890</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,348,707</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Rowan University), Series B, 5%, 7/01/26 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,575</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,645,864</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Rowan University), Series C, 5%, 7/01/31 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>313,810</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Stevens Institute of Technology), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/34</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,314,615</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(William Paterson University), Series E,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/21 (i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,725</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,733,746</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State, GO, Refunding, Series H,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 7/01/15 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,871,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Higher Education Assistance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Student Loan Revenue Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.30%, 6/01/17 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,565</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,602,646</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Agency, Home Buyer Revenue Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series CC, 5.80%, 10/01/20 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,640</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,700,746</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Agency, M/F Revenue Bonds, AMT, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.90%, 11/01/35 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>837,970</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Agency, S/F Housing Revenue Refunding Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, Series T, 4.70%, 10/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>402,910</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Transportation System Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5%, 12/15/32 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>730</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>731,095</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 4.83%, 12/15/32 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,292,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 5.05%, 12/15/35 (c)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,760</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>622,408</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series D, 5%, 6/15/19 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,240</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,387,290</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Transportation Trust Fund Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Transportation System Revenue Refunding Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.25%, 12/15/20 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,604,705</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5.50%, 12/15/21 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,950,964</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Turnpike Authority, Turnpike Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5.15%, 1/01/35 (c)(d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,005</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,160,355</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>VRDN, Series C-3, 2.75%, 1/01/24 (b)(j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>650,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Newark, New Jersey, Housing Authority, Port Authority-</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port Newark Marine Terminal, Additional Rent-Backed</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (City of Newark</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Redevelopment Projects), 4.375%, 1/01/37 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,255,408</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Hudson Sewage Authority, New Jersey, Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, 5.125%, 8/01/20 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,710</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,831,881</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="66%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Perth Amboy, New Jersey, GO (Convertible CABS),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding, 4.75%, 7/01/35 (b)(c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,017,713</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port Authority of New York and New Jersey, Consolidated</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, 93rd Series, 6.125%, 6/01/94</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,120,800</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="59%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Jersey (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port Authority of New York and New Jersey,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Consolidated Revenue Refunding Bonds, AMT:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>138th Series, 4.75%, 12/01/34 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="17%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 924,600</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>146th Series, 4.25%, 12/01/32 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,176,800</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>152nd Series, 5.25%, 11/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,314,794</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Rahway Valley Sewerage Authority, New Jersey, Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, CABS, Series A (a)(c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 9/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,100</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,563,740</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 9/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,350</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>590,931</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Salem County, New Jersey, Improvement Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Finlaw State Office Building</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project) (b):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 8/15/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,320,013</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 8/15/38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>720,797</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tobacco Settlement Financing Corporation of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey, Asset-Backed Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7%, 6/01/13 (f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,715</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,011,060</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Union County, New Jersey, Utilities Authority, Senior</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lease Revenue Refunding Bonds (Ogden Martin</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>System of Union, Inc.), AMT, Series A (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 6/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,590</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,594,516</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.375%, 6/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,670</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,672,154</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of Medicine and Dentistry of New Jersey,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Series A (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 12/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>570</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>600,427</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 12/01/19</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,206,120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 12/01/20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,130</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,180,398</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 12/01/21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>865</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>898,112</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>168,084,624</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Puerto Rico &#151; 12.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Commonwealth Aqueduct and Sewer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Senior Lien Revenue Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.125%, 7/01/47 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,425</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,365,850</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Commonwealth Highway and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Transportation Authority, Highway Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds, Series CC, 5.50%, 7/01/31 (h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,185</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,255,199</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Commonwealth Infrastructure Financing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Special Tax and Capital Appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Series A (c):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.48%, 7/01/30 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>760,760</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.34%, 7/01/37 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>417,803</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Electric Power Authority, Power Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, Series RR, 5%, 7/01/28 (k)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,907,720</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Puerto Rico Industrial, Tourist, Educational, Medical</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Environmental Control Facilities Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=3>&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Hospital de la Concepcion), 6.125%, 11/15/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,220</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,384,496</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(University Plaza Project), 5%, 7/01/33 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,908,440</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,000,268</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds &#151; 146.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>183,084,892</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>17</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_18"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (concluded) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts (l)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="58%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>New Jersey</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="58%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Educational Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (College of New Jersey),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series D, 5%, 7/01/35 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,720</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,751,694</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New Jersey State Housing and Mortgage Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Agency, Capital Fund Program Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A (b):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.70%, 11/01/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,425</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,372,444</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 5/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,977</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,018,106</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 11/01/28</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,300</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,767,907</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Port Authority of New York and New Jersey,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Consolidated Revenue Refunding Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>152nd Series, 5.75%, 11/01/30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,995</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,084,117</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds Transferred to Tender Option</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Bond Trusts &#151; 12.8%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,994,268</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=2>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Long-Term Investments</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Cost &#151; $198,735,322) &#151; 159.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>199,079,160</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="58%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>CMA New Jersey Municipal Money Fund,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.75% (m)(n)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>798,701</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>798,701</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Short-Term Securities (Cost &#151; $798,701) &#151; 0.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>798,701</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="64%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Investments (Cost &#151; $199,534,023*) &#151; 159.6%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>199,877,861</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Other Assets Less Liabilities &#151; 0.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,078,412</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%">&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Expense and Fees Payable &#151; (8.0)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(9,990,427)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares, at Redemption Value &#151; (52.5)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(65,732,699)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="4%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="64%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$125,233,147</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="64%" colSpan=3>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>* The cost and unrealized appreciation (depreciation) of investments as of July 31,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2008, as computed for federal income tax purposes, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$189,806,366</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="40%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 5,187,586</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,073,171)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="40%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 114,415</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="40%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(a) MBIA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(b) FSA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(c) Represents a zero-coupon bond. Rate shown reflects the effective yield at the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>time of purchase.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(d) AMBAC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e) FGIC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(f) U.S. government securities, held in escrow, are used to pay interest on this </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>security as well as to retire the bond in full at the date indicated, typically at a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>premium to par.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g) Radian Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(h) Assured Guaranty Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(i) XL Capital Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(j) Variable rate security. Rate shown is as of report date. Maturity shown is the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>final maturity date.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(k) CIFG Insured.</FONT></P>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(l) Securities represent bonds transferred to a tender option bond trust in exchange</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>for which the Fund acquired residual interest certificates. These securities serve</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>as collateral in a financing transaction. See Note 1 of the Notes to Financial</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Statements for details of municipal bonds transferred to tender option bond</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>trusts.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(m) Investments in companies considered to be an affiliate of the Fund, for purpos-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>es of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>CMA New Jersey Municipal Money Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>709,508</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$9,451</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(n) Represents the current yield as of report date.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD width=4>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>18 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_19"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments </FONT><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=2>July 31, 2008 </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Pennsylvania &#151; 122.7%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Allegheny County, Pennsylvania, GO, Series C-60,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 11/01/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="22%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 4,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 4,666,740</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="22%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Allegheny County, Pennsylvania, Hospital Development</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Health Center Revenue Bonds (University</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of Pittsburgh Medical Center Health System),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 6%, 7/01/26 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,278,360</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Allegheny County, Pennsylvania, Residential Finance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, S/F Mortgage Revenue Bonds, AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series TT, 5%, 5/01/35 (c)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>955</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>821,692</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Allegheny County, Pennsylvania, Sanitation Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sewer Revenue Refunding Bonds, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 12/01/30 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,874,900</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chambersburg, Pennsylvania, Area School District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>GO (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 3/01/26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,115</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,161,297</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 3/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,548,725</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 3/01/29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,061,240</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Connellsville, Pennsylvania, Area School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5%, 11/15/37 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>999,920</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Delaware County, Pennsylvania, IDA Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Pennsylvania Suburban Water Company Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, Series A, 5.15%, 9/01/32 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,041,520</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Delaware County, Pennsylvania, IDA, Water Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (Aqua Pennsylvania, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), AMT, Series B, 5%, 11/01/36 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,770</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,230,420</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="66%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Delaware Valley Regional Finance Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania, Local Government Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.75%, 7/01/32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,678,380</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>East Stroudsburg, Pennsylvania, Area School</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>District, GO, Series A, 7.75%, 9/01/27 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,378,480</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="66%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Erie County, Pennsylvania, Convention Center</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Convention Center Hotel Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 1/15/36 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,850</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,505,027</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gettysburg, Pennsylvania, Municipal Authority, College</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds, 5%, 8/15/23 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,012,760</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="66%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lehigh County, Pennsylvania, General Purpose</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Hospital Revenue Bonds (Lehigh Valley</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Health Network) (a):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5%, 7/01/33</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,995</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,871,477</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5%, 7/01/35</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,467,125</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Monroe County, Pennsylvania, Hospital Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (Pocono Medical</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Center), 5.125%, 1/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,265</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,105,534</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Montgomery County, Pennsylvania, IDA, Water</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3>&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Facilities Revenue Bonds (Aqua Pennsylvania, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), Series A, 5.25%, 7/01/42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,679,940</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="66%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>North Allegheny, Pennsylvania, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C, 5.25%, 5/01/27 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,675</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,745,460</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Pennsylvania (continued)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Northampton Borough, Pennsylvania, Municipal</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Water Revenue Bonds, 5%, 5/15/34 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 935</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 921,601</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Northeastern York School District, Pennsylvania, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5%, 4/01/32 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,585</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,542,015</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Northumberland County, Pennsylvania, IDA,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Water Facilities Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Aqua Pennsylvania Inc. Project), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.05%, 10/01/39 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,318,940</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania Economic Development Financing</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, Solid Waste Disposal Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Waste Management Inc. Project), AMT, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.10%, 10/01/27</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,200</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>961,080</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania HFA, Revenue Bonds, DRIVERS,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, Series 1248Z, 7.327%, 10/01/09 (b)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,391,100</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania HFA, S/F Mortgage Revenue Refunding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, AMT, Series 96A, 4.70%, 10/01/37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,386,770</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania State Higher Educational Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority Revenue Bonds:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Drexel University), Series A, 5%, 5/01/37 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,902,450</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(UPMC Health System), Series A, 6%, 1/15/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,178,470</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(York College of Pennsylvania Project),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series EE1, 5%, 11/01/33 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>966,520</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania State Higher Educational Facilities</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority, State System Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series AE, 4.75%, 6/15/32 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,845</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,361,532</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania State, IDA, EDR, Refunding,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 7/01/20 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,401,310</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania State Public School Building Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>School and Capital Appreciation Revenue Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Corry Area School District) (a)(h):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.85%, 12/15/22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,980</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>957,172</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.87%, 12/15/23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,980</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>901,949</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.89%, 12/15/24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,980</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>850,568</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.92%, 12/15/25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,980</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>803,009</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania State Turnpike Commission, Oil</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Franchise Tax Revenue Bonds, Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 12/01/32 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13,600</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13,523,296</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania State Turnpike Commission, Turnpike</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Series A, 5.50%, 12/01/31 (e)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,800</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,055,918</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Authority for Industrial</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Development, Airport Revenue Refunding Bonds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Philadelphia Airport System Project), AMT,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A (d):</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 7/01/17</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,992,840</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 7/01/18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,655</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,623,165</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Authority for Industrial</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Development, Lease Revenue Bonds, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 10/01/11 (a)(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,680</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8,359,526</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=7>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>19</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_20"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (continued) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B></P>
<P align=left><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(Percentages shown are based on Net Assets)</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Pennsylvania (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, GO, Refunding, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 12/15/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 7,005,110</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Gas Works Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Bonds, 1998 General Ordinance, 4th Series,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 8/01/32 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,848,900</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Hospitals and Higher</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Education Facilities Authority, Hospital Revenue</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Refunding Bonds (Presbyterian Medical Center),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.65%, 12/01/19 (j)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,563,610</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Housing Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Capital Fund Program), Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.50%, 12/01/18 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,197,820</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Qualified Redevelopment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Authority Revenue Bonds, AMT, Series B,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 4/15/27 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,645</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,288,589</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Redevelopment Authority</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (Neighborhood Transformation),</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A, 5.50%, 4/15/22 (d)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,765,575</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B, 5.625%, 8/01/12 (d)(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,014,200</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Water and Wastewater</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, Series A, 5%, 7/01/27 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,040,140</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Reading, Pennsylvania, Area Water Authority, Water</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds, 5%, 12/01/27 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,680</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,702,673</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Reading, Pennsylvania, School District, GO,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 1/15/29 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,059,340</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Sayre, Pennsylvania, Health Care Facilities Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Refunding Bonds (Guthrie Healthcare</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>System), Series A, 5.875%, 12/01/31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>590</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>596,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Shaler Area School District, Pennsylvania, Capital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Appreciation, GO, 4.765%, 9/01/30 (g)(h)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,145</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,734,795</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Southcentral General Authority, Pennsylvania,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Revenue Bonds (York College of Pennsylvania</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Project), 5%, 5/01/37 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,917,480</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>York, Pennsylvania, City School District, GO, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.25%, 6/01/22 (g)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,040</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,058,282</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>201,320,742</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Guam &#151; 1.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>A.B. Won Guam International Airport Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>General Revenue Refunding Bonds, AMT, Series C,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 10/01/23 (b)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,333,325</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds &#151; 124.1%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>203,654,067</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=2>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Municipal Bonds Transferred to</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Par</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Tender Option Bond Trusts (k)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Value</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Pennsylvania</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>East Stroudsburg, Pennsylvania, Area School District,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>GO, Refunding, 5%, 9/01/25 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 7,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 7,163,940</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania State Public School Building Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Lease Revenue Refunding Bonds, Series 2888Z,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 6/01/26 (a)(f)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,025</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>19,387,421</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania State Public School Building Authority,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>School Lease Revenue Bonds (The School District</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of Philadelphia Project), 5.25%, 6/01/27 (a)(i)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,371,150</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Philadelphia, Pennsylvania, Airport Revenue Bonds,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AMT, Series A, 5%, 6/15/37 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,869,025</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Scranton, Pennsylvania, School District, GO, Series A,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5%, 7/01/38 (a)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,996</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,980,204</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Municipal Bonds Transferred to Tender Option</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Bond Trusts &#151; 36.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>59,771,740</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=2>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Long-Term Investments</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Cost &#151; $268,527,018) &#151; 160.5%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>263,425,807</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>CMA Pennsylvania Municipal Money Fund,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.68% (l)(m)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,061,162</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,061,162</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Short-Term Securities</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Cost &#151; $12,061,162) &#151; 7.4%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,061,162</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total Investments (Cost &#151; $280,588,180*) &#151; 167.9%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>275,486,969</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Other Assets Less Liabilities &#151; 1.2%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,003,114</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Liability for Trust Certificates, Including Interest</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%">&nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Expense and Fees Payable &#151; (21.9)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(35,946,120)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares, at Redemption Value &#151; (47.2)%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(77,424,791)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net Assets Applicable to Common Shares &#151; 100.0%</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$164,119,172</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="60%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=7>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>* The cost and unrealized appreciation (depreciation) of investments as of July 31,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2008, as computed for federal income tax purposes, were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate cost</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$245,196,407</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="40%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized appreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 4,336,850</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Gross unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(9,887,194)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="40%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ (5,550,344)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="40%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(a) FSA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(b) MBIA Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(c) FNMA/GNMA Collateralized.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(d) FGIC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(e) AMBAC Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(f) Variable rate security. Rate shown is as of report date. Maturity shown is the final</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>maturity date.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(g) XL Capital Insured.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(h) Represents a zero-coupon bond. Rate shown is the effective yield at the time of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>purchase.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(i) U.S. government securities, held in escrow, are used to pay interest on this </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>security as well as to retire the bond in full at the date indicated, typically at a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>premium to par.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>20 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_21"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Schedule of Investments (concluded) </FONT><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B></P>
<P align=left>
<TABLE>
<TR>
     <TD width=4>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(j) Security is collateralized by municipal or U.S. Treasury Obligations.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(k) Securities represent bonds transferred to a tender option bond trust in </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>exchange for which the Fund acquired residual interest certificates. These securi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>ties serve as collateral in a financing transaction. See Note 1 of the Notes to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Financial Statements for details of municipal bonds transferred to tender option</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>bond trusts.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(l) Investments in companies considered to be an affiliate of the Fund, for purposes</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Affiliate</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Activity</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>CMA Pennsylvania Municipal Money Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11,974,900</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$79,019</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="54%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="17%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(m) Represents the current yield as of report date.</FONT><BR>
<FONT face="Franklin Gothic Book" size=2><SUB>&#149; </SUB></FONT><FONT face="Franklin Gothic Book" size=2><SUB>Forward interest rate swaps outstanding as of July 31,2008 were as follows:</SUB></FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Notional</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Unrealized</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Amount</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Appreciation</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(000)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>(Depreciation)</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="51%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="20%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pay a fixed rate of 3.389% and receive</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>a floating rate based on 1-week</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>SIFMA Municipal Swap Index rate</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Broker, JPMorgan Chase</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Expires August 2018</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$14,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 28,414</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Pay a fixed rate of 3.978% and receive</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>a floating rate based on 1-week</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>SIFMA Municipal Swap Index rate</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Broker, JPMorgan Chase</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Expires October 2028</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$10,750</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(255,452)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="51%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="20%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Total</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$(227,038)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="51%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="20%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=12>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>21</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>


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	<TD align=left width=49% nowrap>
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Statements of Assets and Liabilities</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">MuniYield</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">MuniYield</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">MuniYield</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">MuniYield</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
 &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Florida</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Michigan</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=11% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">New Jersey</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Pennsylvania</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">July 31, 2008</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Insured Fund</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Insured Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Insured Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Insured Fund</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Assets</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investments at value &#151; unaffiliated</FONT><SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;184,724,424</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;440,575,183</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;199,079,160</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;263,425,807</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investments at value &#151; affiliated</FONT><SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2</FONT></SUP>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">12,412,044</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,567,533</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">798,701</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">12,061,162</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Unrealized appreciation on forward interest rate swaps</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">28,414</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Cash</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,817</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">73,701</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">64,915</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">64,244</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Interest receivable</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,556,964</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5,546,982</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,650,395</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,971,787</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investments sold receivable</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">70,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Prepaid expenses</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6,803</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">15,757</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">7,880</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9,842</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total assets</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">199,773,052</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">450,779,156</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">201,601,051</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">278,561,256</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Accrued Liabilities</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Unrealized depreciation on forward interest rate swaps</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">255,452</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investments purchased payable</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,990,171</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3,861,560</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Income dividends payable &#151; Common Shares</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">452,172</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">983,140</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">475,313</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">608,470</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investment advisory fees payable</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">80,127</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">188,143</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">85,433</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">114,770</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Interest expense and fees payable</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">111,578</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">167,047</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">33,347</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">105,214</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Other affiliates payable</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,762</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,037</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,774</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,753</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Officer&#146;s and Directors&#146;/Trustees&#146; fees payable</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">294</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">667</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">378</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">427</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Other accrued expenses payable</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">70,750</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">125,931</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">81,880</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">89,301</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total accrued liabilities</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5,706,854</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5,330,525</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">678,125</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,176,387</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Other Liabilities</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Trust certificates</FONT><SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3</FONT></SUP>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">18,350,484</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">42,955,691</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9,957,080</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">35,840,906</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Total Liabilities</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">24,057,338</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">48,286,216</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">10,635,205</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">37,017,293</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Preferred Shares at Redemption Value</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Preferred Shares, at &#36;25,000 per share liquidation preference</FONT><SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,5</FONT></SUP>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">62,266,457</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">144,686,735</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">65,732,699</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">77,424,791</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Net Assets Applicable to Common Shares</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net Assets Applicable to Common Shares</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;113,449,257</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;257,806,205</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;125,233,147</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;164,119,172</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Net Assets Applicable to Common Shareholders Consist of</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Common Shares, par value &#36;0.10 per share</FONT><SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6</FONT></SUP>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 845,181</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 1,820,630</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 880,210</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 1,148,057</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Paid-in capital in excess of par</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">117,070,606</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">262,101,745</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">123,256,564</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">169,088,427</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Undistributed net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">373,391</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">825,729</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,253,004</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">559,654</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Accumulated net realized loss</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(3,068,696)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(9,858,749)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(500,469)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(1,348,717)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net unrealized appreciation/depreciation</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(1,771,225)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,916,850</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">343,838</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(5,328,249)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;113,449,257</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;257,806,205</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;125,233,147</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;164,119,172</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net asset value per share of Common Shares</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 13.42</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 14.16</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 14.23</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 14.30</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1 </FONT></SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investments at cost &#151; unaffiliated</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;186,495,649</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;437,658,333</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;198,735,322</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;268,527,018</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2 </FONT></SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investments at cost &#151; affiliated</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 12,412,044</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 4,567,533</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 798,701</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 12,061,162</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3 </FONT></SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Represents short-term floating rate certificates issued by tender
option bond trusts.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4 </FONT></SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Preferred Shares issued and outstanding:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series A, par value of &#36;0.05 per share</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,075</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,753</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,002</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,214</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series B, par value of &#36;0.05 per share</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">415</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,753</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,457</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series B, par value of &#36;0.10 per share</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">626</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series C, par value of &#36;0.05 per share</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,403</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">425</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series D, par value of &#36;0.10 per share</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">877</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5 </FONT></SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Preferred Shares authorized</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6,600</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,940</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
 &nbsp; &nbsp; &nbsp;<SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6 </FONT></SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Common Shares issued and outstanding</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,451,814</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=10% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">18,206,301</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,802,099</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">11,480,567</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=49% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">See Notes to Financial Statements.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">22 ANNUAL REPORT</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
</P>

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<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Statements of Operations</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Florida Insured Fund</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap colspan=3>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Michigan Insured Fund, Inc.</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Period November 1,</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Year Ended</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Period November 1,</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Year Ended</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2007 to July 31,</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">October 31,</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2007 to July 31,</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">October 31,</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2008</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2007</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2008</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2007</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Investment Income</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Interest</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 7,225,699</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 9,842,341</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 15,442,040</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 23,346,555</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Income from affiliates</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">90,469</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">95,766</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">170,765</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">137,587</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total income</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">7,316,168</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9,938,107</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">15,612,805</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">23,484,142</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Expenses</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investment advisory</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">721,142</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">977,034</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,644,505</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,207,154</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Commission for Preferred Shares</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">134,732</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">182,703</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">309,916</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">420,888</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Professional</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">76,183</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">77,267</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">129,177</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">87,582</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Accounting services</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">61,320</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">88,703</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">106,061</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">151,893</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Transfer agent</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">14,536</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">45,819</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">24,772</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">76,347</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Printing</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">14,542</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">20,811</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">32,330</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">44,959</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Officer and Directors/Trustees</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9,469</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">22,093</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">21,423</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">22,323</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Custodian</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9,182</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">12,090</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">18,158</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">24,464</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Registration</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,811</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9,436</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,811</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9,436</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Miscellaneous</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">40,929</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">55,516</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">67,906</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">79,779</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total expenses excluding interest expense and fees</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,090,846</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,491,472</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,363,059</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3,124,825</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Interest expense and fees</FONT><SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">278,641</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">405,590</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">561,946</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,172,910</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total expenses</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,369,487</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,897,062</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,925,005</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,297,735</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Less fees waived by advisor</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(21,120)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(15,883)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(43,472)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(22,170)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total expenses after waiver</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,348,367</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,881,179</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,881,533</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,275,565</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5,967,801</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,056,928</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">12,731,272</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">19,208,577</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Realized and Unrealized Gain (Loss)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net realized gain (loss) from:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investments</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(181,617)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">286,303</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(1,246,561)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,663,620</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Swaps</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(191,322)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(109,389)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(93,463)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(372,939)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">176,914</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(1,246,561)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,570,157</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net change in unrealized appreciation/depreciation on:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investments</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(7,823,283)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(4,471,390)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(13,574,409)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(9,861,159)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Swaps</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">66,960</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">122,801</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">139,794</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(7,756,323)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(4,348,589)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(13,574,409)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(9,721,365)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total realized and unrealized loss</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(8,129,262)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(4,171,675)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(14,820,970)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(8,151,208)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Dividends to Preferred Shareholders From</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(1,872,136)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(2,631,621)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(4,212,108)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(5,850,606)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Net Increase (Decrease) in Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Resulting from Operations</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; (4,033,597)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 1,253,632</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; (6,301,806)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 5,206,763</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=43% nowrap>
 &nbsp; &nbsp;<SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1 </FONT></SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Related to tender option bond trusts.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">See Notes to Financial Statements.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">ANNUAL REPORT</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">23</FONT></TD></TR></TABLE>
</P>

<HR noshade align="center" width="100%" size=2>



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<A name="page_24"></A>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Statements of Operations (concluded)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=27% nowrap colspan=3>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">New Jersey Insured Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Pennsylvania Insured Fund</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Period November 1,</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Year Ended</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Period November 1,</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Year Ended</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2007 to July 31,</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">October 31,</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2007 to July 31,</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">October 31,</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2008</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2007</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2008</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">2007</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Investment Income</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Interest</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 7,262,083</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 10,198,947</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 10,099,053</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 14,693,124</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Income from affiliates</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9,451</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">29,087</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">79,019</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">20,208</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total income</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">7,271,534</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">10,228,034</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">10,178,072</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">14,713,332</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Expenses</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investment advisory</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">761,003</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,034,003</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,039,188</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,412,279</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Commission for Preferred Shares</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">137,589</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">186,372</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">187,062</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">261,134</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Professional</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">84,671</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">76,081</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">94,948</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">79,762</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Accounting services</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">62,912</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">91,671</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">63,830</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">95,961</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Transfer agent</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">15,427</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">47,721</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">21,448</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">56,203</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Printing</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">15,290</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">22,064</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">21,382</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">28,852</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Officer and Directors/Trustees</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">10,435</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">22,104</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">13,764</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">22,175</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Custodian</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,789</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">13,745</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">13,246</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">19,074</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Registration</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,811</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9,435</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,811</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">9,436</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Miscellaneous</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">49,863</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">56,982</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">56,076</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">60,732</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total expenses excluding interest expense and fees</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,154,790</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,560,178</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,519,755</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,045,608</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Interest expense and fees</FONT><SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1</FONT></SUP>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">63,160</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">268,042</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">474,503</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,055,463</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total expenses</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,217,950</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,828,220</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,994,258</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3,101,071</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Less fees waived by advisor</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(2,637)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(4,167)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(24,132)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(3,253)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Less fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(28)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total expenses after waiver and fees paid indirectly</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,215,313</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,824,053</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,970,098</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3,097,818</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6,056,221</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,403,981</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">8,207,974</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">11,615,514</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Realized and Unrealized Gain (Loss)</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net realized gain (loss) from:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investments</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(7,701)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">588,462</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1,905,522</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,680,909</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Futures and swaps</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(10,031)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(2,217,824)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(343,664)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(17,732)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">588,462</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(312,302)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2,337,245</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net change in unrealized appreciation/depreciation on:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investments</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(6,708,329)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(4,321,927)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(13,613,414)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(7,389,915)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Swaps</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">306,825</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">390,911</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(6,708,329)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(4,321,927)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(13,306,589)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(6,999,004)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total realized and unrealized loss</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(6,726,061)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(3,733,465)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(13,618,891)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(4,661,759)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
 &nbsp; &nbsp; &nbsp;<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Dividends and Distributions to Preferred Shareholders From</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net investment income</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(1,835,167)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(2,420,847)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(2,559,463)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(3,638,710)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Net realized gain</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(42,392)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(23,780)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151;</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Total dividends and distributions to Preferred Shareholders</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(1,877,559)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(2,444,627)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(2,559,463)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(3,638,710)</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Net Increase (Decrease) in Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Resulting from Operations</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; (2,547,399)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=11% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 2,225,889</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; (7,970,380)</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=9% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 3,315,045</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
&nbsp;	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=9>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44% nowrap>
 &nbsp; &nbsp;<SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1 </FONT></SUP><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Related to tender option bond trusts.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=11% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">See Notes to Financial Statements.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">24 ANNUAL REPORT</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
</P>

<HR noshade align="center" width="100%" size=2>


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<A name="page_25"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Statements of Changes in Net Assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="39%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Florida Insured Fund</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 1, 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Increase (Decrease) in Net Assets:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to July 31, 2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 5,967,801</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 8,056,928</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 8,162,555</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(372,939)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>176,914</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>48,897</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(7,756,323)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,348,589)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,043,553</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,872,136)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,631,621)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,323,697)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,033,597)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,253,632</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7,931,308</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Dividends to Common Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,090,678)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,721,878)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,338,731)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Capital Share Transactions</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Reinvestment of common dividends</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>27,237</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total increase (decrease) in net assets applicable to Common Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(8,124,275)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,468,246)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,619,814</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>121,573,532</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>126,041,778</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>124,421,964</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 113,449,257</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 121,573,532</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 126,041,778</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of period undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 373,391</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 339,357</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 635,928</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="39%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 1, 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Increase (Decrease) in Net Assets:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to July 31, 2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12,731,272</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 19,208,577</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 18,947,795</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,246,561)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,570,157</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>766,219</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(13,574,409)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(9,721,365)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,191,112</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,212,108)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,850,606)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,190,018)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,301,806)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,206,763</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>17,715,108</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Dividends to Common Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(9,485,483)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(12,962,886)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(15,230,229)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Capital Share Transactions</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Reinvestment of common dividends</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>614,402</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="57%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total increase (decrease) in net assets applicable to Common Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(15,787,289)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(7,756,123)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,099,281</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>273,593,494</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>281,349,617</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>278,250,336</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 257,806,205</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 273,593,494</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 281,349,617</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of period undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 825,729</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,796,256</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,401,171</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>25</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_26"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Statements of Changes in Net Assets</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 1, 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Increase (Decrease) in Net Assets:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to July 31, 2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 6,056,221</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 8,403,981</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 8,577,480</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(17,732)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>588,462</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>982,663</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,708,329)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,321,927)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,138,341</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1,835,167)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,420,847)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,163,956)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(42,392)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(23,780)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,547,399)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,225,889</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>9,534,528</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Dividends and Distributions to Common Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,289,500)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,747,771)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,390,415)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(103,918)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(70,742)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Decrease in net assets resulting from dividends and distributions to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,393,418)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,818,513)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,390,415)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total increase (decrease) in net assets applicable to Common Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,940,817)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(3,592,624)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,144,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>132,173,964</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>135,766,588</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>132,622,475</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 125,233,147</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 132,173,964</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 135,766,588</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of period undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,253,004</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,307,514</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,086,101</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 1, 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="22%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31,</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Increase (Decrease) in Net Assets:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to July 31, 2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Operations</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 8,207,974</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 11,615,514</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 11,618,794</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(312,302)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2,337,245</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34,726</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net change in unrealized appreciation/depreciation</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(13,306,589)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,999,004)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,128,137</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,559,463)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(3,638,710)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(3,155,383)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(7,970,380)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,315,045</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12,626,274</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Dividends to Common Shareholders From</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5,717,322)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(7,910,111)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(8,977,803)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Capital Share Transactions</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Underwriting discounts and offering costs relating to the issuance of Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(17,729)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR>
     <TD width="56%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total increase (decrease) in net assets applicable to Common Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(13,687,702)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4,595,066)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,630,742</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>177,806,874</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>182,401,940</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>178,771,198</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 164,119,172</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 177,806,874</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 182,401,940</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>End of period undistributed net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 559,654</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 677,381</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 650,149</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="56%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>26 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="29%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Florida Insured Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 1, 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to July 31, 2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2004</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2003</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Per Share Operating Performance</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.91</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.72</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.04</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.04</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.71</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.95</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.97</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.98</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.98</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.05</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized and unrealized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.97)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.49)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.24</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.38)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.20</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.06)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.22)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.31)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.27)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.17)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.07)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.07)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) from investment operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.48)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.15</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.94</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.43</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.11</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.92</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Common Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.48)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.68)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.75)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.90)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.93)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.92)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital charges with respect to the issuance of Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.03)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.38</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.91</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.72</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.04</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 11.75</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12.74</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.98</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.18</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>2</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on net asset value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2.97)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.39%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.87%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.72%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.98%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.45%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=right width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on market price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4.11)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5.75)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.73%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.54%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.73%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.56%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and excluding interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.18%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.20%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.17%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.20%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.09%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.08%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.49%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.52%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.45%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.38%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.27%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.25%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.51%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.54%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.46%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.38%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.28%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.25%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.60%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.53%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.58%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.50%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.54%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.86%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.07%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.87%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.48%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.47%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.53%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.40%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.71%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.37%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.06%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.39%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Supplemental Data</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net assets applicable to Common Shares,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 113,449</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 121,574</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 126,042</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 124,422</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 128,455</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 126,915</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares outstanding at liquidation preference,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 62,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 72,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 72,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 72,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 60,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 60,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>21%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>26%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>34%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>52%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>28%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Asset coverage end of period per $1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,822</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,689</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,751</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,728</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,141</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,115</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on average shares outstanding.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate total investment return.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Annualized.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>27</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="38%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 1, 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to July 31, 2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2004</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2003</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Per Share Operating Performance</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.94</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.74</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.70</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.06</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.04</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.08</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.06</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.10</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized and unrealized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.82)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.45)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.22</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.54)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.15</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.23)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.32)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.29)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.18)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.07)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.07)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) from investment operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.35)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.29)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.97</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.02</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.18</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Common Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.52)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.71)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.84)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.98)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1.00)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.98)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital charges with respect to the issuance of Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.02)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.45</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.32</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.94</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12.30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.40</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.67</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.31</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.37</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.69</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>2</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on net asset value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2.02)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.30%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.64%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.24%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.04%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8.26%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=right width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on market price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4.54)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(3.95)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.32%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.10%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11.85%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.57%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and excluding interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4,5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.13%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.12%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.11%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.10%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.00%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.01%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.40%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.55%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.61%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.19%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.42%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.55%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.62%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.22%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.21%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.19%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.95%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.84%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.84%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.69%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.83%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.05%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.12%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.87%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.46%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.45%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.14%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.83%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.97%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.71%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.23%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.38%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Supplemental Data</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net assets applicable to Common Shares, end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 257,806</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 273,593</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 281,350</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 278,250</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 289,695</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 289,364</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares outstanding at liquidation preference, end of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 144,650</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 165,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 165,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 165,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 140,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 140,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>21%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>15%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>25%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>32%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Asset coverage end of period per $1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,782</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,658</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,705</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,686</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,069</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,067</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on average shares outstanding.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate total investment return.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Annualized.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>28 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="38%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 1, 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="20%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to July 31, 2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2004</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2003</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Per Share Operating Performance</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.02</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.07</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.46</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.25</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.14</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.69</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.97</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.03</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.06</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized and unrealized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.76)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.42)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.27)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.21</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.06</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends and distributions to Preferred Shareholders from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.21)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.28)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.25)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.16)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.06)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.06)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.01)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) from investment operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.29)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.26</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.08</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.53</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.18</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.06</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends and distributions to Common Shareholders from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.49)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.65)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.73)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.92)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.94)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.94)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.01)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.01)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.01)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total dividends and distributions to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.50)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.66)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.73)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.92)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.94)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.95)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital charges with respect to the issuance of Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.03)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.23</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.02</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.42</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.07</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.46</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.25</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12.81</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.70</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.96</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.65</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.16</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.39</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>4</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on net asset value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1.67)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.00%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.50%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.49%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.99%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.24%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=right width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on market price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2.95)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4.10)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.28%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.60%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.23%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.02%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and excluding interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6,7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.18%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.17%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.15%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.16%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.06%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.03%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.24%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.37%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.59%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.52%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.33%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.29%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.24%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.37%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.59%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.52%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.35%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.18%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.30%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.46%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.21%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.79%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.89%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.87%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.81%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.63%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.03%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.38%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.31%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.49%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.83%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.18%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.37%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.51%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Supplemental Data</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="34%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net assets applicable to Common Shares, end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 125,233</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 132,174</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 135,767</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 132,622</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 135,370</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 133,240</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares outstanding at liquidation preference, end of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 65,700</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 73,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 73,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 73,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 73,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 56,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>23%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>11%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>21%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Asset coverage end of period per $1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,906</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,798</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,847</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,804</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,842</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,379</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on average shares outstanding.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Amount is less than ($0.01) per share.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Amount is less than $0.01 per share.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate total investment return.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Annualized.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>29</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_30"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Financial Highlights</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="38%" colSpan=9><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Period</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>November 1, 2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="20%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended October 31,</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>to July 31, 2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2006</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2004</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2003</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Per Share Operating Performance</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="33%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, beginning of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.49</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.89</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.57</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 16.04</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.56</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.34</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.71</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.01</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.01</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.05</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.08</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.11</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net realized and unrealized gain (loss)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1.18)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.40)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.36</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.35)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.48</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.16</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.22)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.32)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.27)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.19)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.08)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.07)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net increase (decrease) from investment operations</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.69)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.29</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.10</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.51</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.48</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.20</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Common Shareholders from net investment income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.50)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.69)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.78)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.96)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1.00)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.98)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital charges with respect to the issuance of Preferred Shares</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(0.02)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net asset value, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.30</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.49</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.89</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.57</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 16.04</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.56</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Market price, end of period</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 12.43</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 13.67</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.60</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.91</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 15.61</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 14.81</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Total Investment Return</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>3</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="33%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on net asset value</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(4.18)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.19%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.52%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.16%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.15%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>8.33%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=right width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on market price</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(5.62)%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(1.85)%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.16%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.51%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>12.63%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>10.07%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Ratios to Average Net Assets Applicable to Common Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="33%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and fees paid indirectly and excluding</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>interest expense and fees</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5,6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.13%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.13%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.05%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.07%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and fees paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.48%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.72%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.69%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.69%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.32%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.29%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses after waiver and before fees paid indirectly</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.48%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.72%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.69%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.69%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.32%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.29%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.50%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.72%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.70%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.70%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.33%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.18%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.44%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.49%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.56%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.89%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7.08%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dividends to Preferred Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.93%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2.02%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.76%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.17%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.51%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>0.47%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net investment income to Common Shareholders</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.25%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.73%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5.39%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.38%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6.61%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Supplemental Data</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="33%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net assets applicable to Common Shares, end of period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 164,119</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 177,807</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 182,402</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 178,771</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 183,877</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 178,337</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Preferred Shares outstanding at liquidation preference, end of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>period (000)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 77,400</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 102,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 102,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 102,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 88,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 88,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>24%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>35%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>25%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="1%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="5%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Asset coverage end of period per $1,000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,120</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="8%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,743</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,788</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 2,753</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,090</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 3,027</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="33%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Based on average shares outstanding.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Amount is less than ($0.01) per share.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Aggregate total investment return.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>7</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Annualized.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>See Notes to Financial Statements.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>30 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Notes to Financial Statements </FONT><BR>
<BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>1. Significant Accounting Policies:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Florida Insured Fund, BlackRock MuniYield</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Michigan Insured Fund, Inc., BlackRock MuniYield New Jersey Insured</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Fund, Inc. and BlackRock MuniYield Pennsylvania Insured Fund </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(the &#147;Funds&#148; or individually, as the &#147;Fund&#148;) are registered under the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), as</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>non-diversified, closed-end management investment companies. The</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Funds&#146; financial statements are prepared in conformity with accounting</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>principles generally accepted in the United States of America, which</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>may require the use of management accruals and estimates. Actual</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>results may differ from these estimates. The Funds recently changed </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>their fiscal year end to July 31. The Funds determine and make avail-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>able for publication the net asset value of their Common Shares on a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>daily basis.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The following is a summary of significant accounting policies followed </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>by the Funds:</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Valuation of Investments: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Municipal investments (including commitments</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to purchase such investments on a &#147;when-issued&#148; basis) are valued </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on the basis of prices provided by dealers or pricing services selected</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>under the supervision of each Fund&#146;s Board of Trustees or Directors (the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>&#147;Board&#148;). In determining the value of a particular investment, pricing</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>services may use certain information with respect to transactions in such</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investments, quotations from dealers, pricing matrixes, market trans-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>actions in comparable investments and various relationships between</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investments. Financial futures contracts traded on exchanges are valued</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>at their last sale price. Swaps are valued by quoted fair values received</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>daily by the funds pricing service or through brokers. Short-term securi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ties are valued at amortized cost. Investments in open-end investment</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>companies are valued at net asset value each business day.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In the event that application of these methods of valuation results in </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>a price for an investment which is deemed not to be representative of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the market value of such investment, the investment will be valued by </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>a method approved by the Board as reflecting fair value (&#147;Fair Value</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Assets&#148;). When determining the price for Fair Value Assets, the invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ment advisor and/or sub-advisor seeks to determine the price that the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Fund might reasonably expect to receive from the current sale of that</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>asset in an arm&#146;s-length transaction. Fair value determinations shall be</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>based upon all available factors that the investment advisor and/or sub-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>advisor deems relevant. The pricing of all Fair Value Assets is subse-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>quently reported to the Board or a committee thereof.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Derivative Financial Instruments: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds may engage in various </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>portfolio investment strategies both to increase the return of the Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and to hedge, or protect, their exposure to interest rate movements and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>movements in the securities markets. Losses may arise if the value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the contract decreases due to an unfavorable change in the price of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the underlying security or if the counterparty does not perform under </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the contract.</FONT></TD></TR></TABLE></P>
<P align=left><FONT face="Franklin Gothic Book" size=3><SUB>&#149;</SUB></FONT><FONT face="Franklin Gothic Book" size=3><SUB>Financial futures contracts &#151; Each Fund may purchase or sell finan-</SUB></FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>cial futures contracts and options on such futures contracts. Futures</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>contracts are contracts for delayed delivery of securities at a specific</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>future date and at a specific price or yield. Upon entering into a </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>contract, the Fund deposits, and maintains as collateral such initial</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>margin as required by the exchange on which the transaction is</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>effected. Pursuant to the contract, the Fund agrees to receive from,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>or pay to, the broker an amount of cash equal to the daily fluctuation</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>in value of the contract. Such receipts or payments are known as</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>margin variation and are recognized by the Fund as unrealized gains</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>or losses. When the contract is closed, the Fund records a realized</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>gain or loss equal to the difference between the value of the contract</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>at the time it was opened and the value at the time it was closed.</FONT><BR>
<BR>
<FONT face="Franklin Gothic Book" size=3><SUB>&#149;</SUB></FONT><FONT face="Franklin Gothic Book" size=3><SUB>Forward interest rate swaps &#151; Each Fund may enter into forward </SUB></FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>interest rate swaps. In a forward interest rate swap, the Fund and </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the counterparty agree to make periodic net payments on a specified</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>notional contract amount, commencing on a specified future effective</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>date, unless terminated earlier. Changes in the value of the forward</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>interest rate swap are recognized as unrealized gains and losses.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>When the agreement is closed, the Fund records a realized gain or</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>loss in an amount equal to the value of the agreement. The Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>generally intends to close each forward interest rate swap before the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>effective date specified in the agreement and therefore avoid entering</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>into the interest rate swap underlying each forward interest rate swap.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Municipal Bonds Transferred to Tender Option Bond Trusts: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Funds</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>leverage their assets through the use of tender option bond trusts</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>(&#147;TOBs&#148;). A TOB is established by a third party sponsor forming a special</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>purpose entity, into which one or more funds, or an agent on behalf of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the funds, transfers municipal securities. Other funds managed by the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investment advisor may also contribute municipal securities to a TOB</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>into which each Fund has contributed securities. A TOB typically issues</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>two classes of beneficial interests: short-term floating rate certificates,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>which are sold to third party investors, and residual certificates (&#147;TOB</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Residuals&#148;), which are generally issued to the participating fund that</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>made the transfer. The TOB Residuals held by a Fund include the right of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the Fund (1) to cause the holders of a proportional share of the floating</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rate certificates to tender their certificates at par, and (2) to transfer,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>within seven days, a corresponding share of the municipal securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>from the TOB to the Fund. The cash received by the TOB from the sale of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the short-term floating rate certificates, less transaction expenses, is</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>paid to the Fund, which typically invests the cash in additional municipal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>securities. Each Fund&#146;s transfer of the municipal securities to a TOB is</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>accounted for as a secured borrowing, therefore the municipal securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>deposited into a TOB are presented in the Funds&#146; Schedules of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Investments and the proceeds from the transaction are reported as a lia-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>bility of the Funds.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
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<TABLE>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>31</FONT></TD></TR></TABLE></P>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Notes to Financial Statements (continued)</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Interest income from the underlying security is recorded by the Funds on</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">an accrual basis. Interest expense incurred on the secured borrowing</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and other expenses related to remarketing, administration and trustee</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">services to a TOB are reported as expenses of the Funds. The floating</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">rate certificates have interest rates that generally reset weekly and their</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">holders have the option to tender certificates to the TOB for redemption</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">at par at each reset date. At July 31, 2008, the aggregate value of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">underlying municipal securities transferred to TOBs, the related liability</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">for trust certificates and the range of interest rates on the liability for the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">trust certificates were as follows:</FONT></TD></TR></TABLE>
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&nbsp;
	</TD>
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&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Underlying</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Municipal</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Securities</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Liability for</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Range of</FONT></B>&nbsp;
	</TD>
</TR>
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	<TD align=left width=29% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Transferred</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Trust</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Interest</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">to TOBs</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Certificates</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Rates</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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<HR noshade size=1>
	</TD>
	<TD>&nbsp;
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	<TD align=left width=29% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
</TR>
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	<TD align=left width=29% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Florida Insured</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1.761% &#150;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;31,674,526</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;18,350,484</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.545%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Blackrock MuniYield</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
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	<TD align=left width=29% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Michigan Insured</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1.735% &#150;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund, Inc</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;77,426,605</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;42,955,691</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.524%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">New Jersey Insured</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1.739% &#150;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund, Inc</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;15,994,268</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 9,957,080</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.084%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Pennsylvania</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=24% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">1.719% &#150;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=29% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;59,771,740</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=24% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;35,840,906</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.610%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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	<TD>
<HR noshade size=1>
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<HR noshade size=1>
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</TABLE><BR>
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<TABLE><TR><TD nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Financial transactions executed through TOBs generally will underperform</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the market for fixed rate municipal bonds in a rising interest rate envi-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ronment, but tend to outperform the market for fixed rate bonds when</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">interest rates decline or remain relatively stable. Should short-term </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">interest rates rise, the Funds&#146; investments in TOBs likely will adversely</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">affect each Fund&#146;s investment income and dividends to Common</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Shareholders. Fluctuations in the market value of municipal securities</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">deposited into the TOB may adversely affect each Fund&#146;s net asset value</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">per share.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Zero-Coupon Bonds: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Funds may invest in zero-coupon bonds, which</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">are normally issued at a significant discount from face value and do not</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">provide periodic interest payments. Zero-coupon bonds may experience</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">greater volatility in market value than similar maturity debt obligations</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">which provide regular interest payments.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Segregation: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In cases in which the 1940 Act and the interpretive posi-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tions of the Securities and Exchange Commission (&#147;SEC&#148;) require that</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Funds segregate assets in connection with certain investments </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(e.g., futures and swaps) or certain borrowings, each Fund will, consis-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tent with certain interpretive letters issued by the SEC, designate on its</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">books and records cash or other liquid debt securities having a market</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">value at least equal to the amount that would otherwise be required to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">be physically segregated.</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Investment Transactions and Investment Income: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Investment trans-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">actions are recorded on the dates the transactions are entered into </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(the trade dates). Realized gains and losses on security transactions are</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">determined on the identified cost basis. Dividend income is recorded </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">on the ex-dividend dates. Interest income is recognized on the </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">accrual method. The Funds amortize all premiums and discounts on</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">debt securities.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Dividends and Distributions: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Dividends from net investment income </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">are declared and paid monthly. Distributions of capital gains are record-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ed on the ex-dividend dates. Dividends and distributions to holders of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Preferred Shares are accrued and determined as described in Note 4.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Income Taxes: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">It is each Fund&#146;s policy to comply with the requirements</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of the Internal Revenue Code applicable to regulated investment compa-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">nies and to distribute substantially all of its taxable income to its share-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">holders. Therefore, no federal income tax provision is required.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Effective April 30, 2008, the Funds implemented Financial Accounting</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Standards Board (&#147;FASB&#148;) Interpretation No. 48, &#147;Accounting for</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Uncertainty in Income Taxes &#151; an interpretation of FASB Statement No.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">109&#148; (&#147;FIN 48&#148;). FIN 48 prescribes the minimum recognition threshold a</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tax position must meet in connection with accounting for uncertainties </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">in income tax positions taken or expected to be taken by an entity,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">including investment companies, before being measured and recognized</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">in the financial statements. The investment advisor has evaluated the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">application of FIN 48 to each Fund, and has determined that the adop-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tion of FIN 48 does not have a material impact on each Fund&#146;s financial</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">statements. The Funds file U.S. federal and various state and local tax</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">returns. No income tax returns are currently under examination. The</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">statute of limitations on each Fund&#146;s U.S. federal tax returns remains</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">open for the years ended October 31, 2005 through October 31, 2007.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The statutes of limitations on each Fund&#146;s state and local tax returns</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">may remain open for an additional year depending upon the jurisdiction.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Recent Accounting Pronouncements: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In September 2006, Statement of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Financial Accounting Standards No. 157, &#147;Fair Value Measurements&#148;</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(&#147;FAS 157&#148;), was issued and is effective for fiscal years beginning after</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">November 15, 2007. FAS 157 defines fair value, establishes a frame-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">work for measuring fair value and expands disclosures about fair value</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">measurements. The impact on each Fund&#146;s financial statement disclo-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">sures, if any, is currently being assessed.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In addition, in February 2007, Statement of Financial Accounting</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Standards No. 159, &#147;The Fair Value Option for Financial Assets and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Financial Liabilities&#148; (&#147;FAS 159&#148;), was issued and is effective for fiscal</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">years beginning after November 15, 2007. FAS 159 permits entities to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">choose to measure many financial instruments and certain other items</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">at fair value that are not currently required to be measured at fair value.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">FAS 159 also establishes presentation and disclosure requirements </FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">32 ANNUAL REPORT</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Notes to Financial Statements (continued)</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">designed to facilitate comparisons between entities that choose different</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">measurement attributes for similar types of assets and liabilities. The</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">impact on each Fund&#146;s financial statement disclosures, if any, is currently</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">being assessed.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In March 2008, Statement of Financial Accounting Standards No. 161,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#147;Disclosures about Derivative Instruments and Hedging Activities &#151; an</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">amendment of FASB Statement No. 133&#148; (FAS 161) was issued and is</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">effective for fiscal years beginning after November 15, 2008. FAS 161 </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">is intended to improve financial reporting for derivative instruments by</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">requiring enhanced disclosure that enables investors to understand how</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and why an entity uses derivatives, how derivatives are accounted for,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and how derivative instruments affect an entity&#146;s results of operations</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and financial position. The impact on each Fund&#146;s financial statement</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">disclosures, if any, is currently being assessed.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Deferred Compensation and BlackRock Closed-End Share Equivalent</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Investment Plan: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Under the deferred compensation plan approved by</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">each Fund&#146;s Board, non-interested Trustees or Directors (&#147;Independent</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Trustees or Directors&#148;) may defer a portion of their annual complex-wide</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">compensation. Deferred amounts earn an approximate return as though</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">equivalent dollar amounts had been invested in common shares of </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">other certain BlackRock Closed-End Funds selected by the Independent</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Trustees or Directors. This has approximately the same economic effect</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">for the Independent Trustees or Directors as if the Independent Trustees</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">or Directors had invested the deferred amounts directly in other certain</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock Closed-End Funds.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The deferred compensation plan is not funded and obligations there-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">under represent general unsecured claims against the general assets </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of each Fund. Each Fund may, however, elect to invest in common shares</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of other certain BlackRock Closed-End Funds selected by the Independent</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Trustees or Directors in order to match their deferred compensation </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">obligations.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Other: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Expenses directly related to each Fund are charged to that </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund. Other operating expenses shared by several funds are pro-rated</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">among those funds on the basis of relative net assets or other appro-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">priate methods.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">2. Investment Advisory Agreement and Other Transactions</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">with Affiliates:</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Each Fund entered into an Investment Advisory Agreement with</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock Advisors, LLC (the &#147;Advisor&#148;), an indirect, wholly owned </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">subsidiary of BlackRock, Inc., to provide investment advisory and admin-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">istration services. Merrill Lynch &amp; Co., Inc. (&#147;Merrill Lynch&#148;) and The PNC</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Financial Services Group, Inc. are principal owners of BlackRock, Inc.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Advisor is responsible for the management of each Fund&#146;s portfolio</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and provides the necessary personnel, facilities, equipment and certain</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">other services necessary to the operations of the Funds. For such ser-</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">vices, each Fund pays the Advisor a monthly fee at an annual rate of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">0.50% of each Fund&#146;s average daily net assets. Average daily net assets</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">is the average daily value of each Fund&#146;s total assets minus the sum of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">its accrued liabilities.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Advisor has agreed to waive its advisory fees by the amount of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">investment advisory fees each Fund pays to the Advisor indirectly</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">through its investment in affiliated money market funds. These amounts</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">are included in fees waived by advisor on the Statements of Operations.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Advisor has entered into a separate sub-advisory agreement with</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock Investment Management, LLC (&#147;BIM&#148;), an affiliate of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Advisor, under which the Advisor pays BIM for services it provides, a</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">monthly fee that is a percentage of the investment advisory fee paid by</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Funds to the Advisor.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">For the period November 1, 2007 to July 31, 2008 and the year ended</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">October 31, 2007, each Fund reimbursed the Advisor for certain</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">accounting services, which are included in accounting services on the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statements of Operations. The reimbursements were as follows:</FONT></TD></TR></TABLE>
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&nbsp;
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&nbsp;	</TD>
	<TD align=right width=28% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Period Ended</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=20% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Year Ended</FONT></B>&nbsp;
	</TD>
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&nbsp;
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&nbsp;	</TD>
	<TD align=right width=28% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">7/31/2008</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=20% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">10/31/2007</FONT></B>&nbsp;
	</TD>
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	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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	<TD>&nbsp;
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	<TD>
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	<TD align=left width=46% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Florida</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
</TR>
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	<TD align=left width=46% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=28% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;2,367</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=20% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;3,646</FONT>&nbsp;
	</TD>
</TR>
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	<TD align=left width=46% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=20% nowrap>
&nbsp;
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	<TD align=left width=46% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund, Inc</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=28% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;5,419</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=20% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;8,234</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield New Jersey</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=20% nowrap>
&nbsp;
	</TD>
</TR>
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	<TD align=left width=46% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund, Inc</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=28% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;2,423</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=20% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;3,862</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=28% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=20% nowrap>
&nbsp;
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	<TD align=left width=46% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=28% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;3,626</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=20% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;5,279</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Pursuant to the terms of the custody agreement, fees may be reduced</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">by amounts calculated on uninvested cash balances (&#147;custody credits&#148;),</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">which are on the Statements of Operations as fees paid indirectly.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Certain officers and/or trustees or directors of each Fund are officers</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and/or directors of BlackRock, Inc. or its affiliates. The Funds reimburse</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Advisor for compensation paid to the Funds&#146; Chief Compliance Officer.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">3. Investments:</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Purchases and sales of investments, excluding short-term securities, for</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the period November 1, 2007 to July 31, 2008, were as follows:</FONT></TD></TR></TABLE>
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<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Total</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=21% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Total</FONT></B>&nbsp;
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&nbsp;
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&nbsp;	</TD>
	<TD align=right width=27% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Purchases</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=21% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Sales</FONT></B>&nbsp;
	</TD>
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	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Florida</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=27% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;40,475,733</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=21% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 50,304,812</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund, Inc</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=27% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;94,172,608</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=21% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 96,137,352</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield New Jersey</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund, Inc</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=27% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;32,866,271</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=21% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 25,247,204</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=27% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=46% nowrap>
 &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=27% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;67,162,308</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=21% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;103,529,778</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">ANNUAL REPORT</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">33</FONT></TD></TR></TABLE>
</P>

<HR noshade align="center" width="100%" size=2>


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<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>4. Capital Share Transactions:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Florida Insured Fund and BlackRock MuniYield</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Pennsylvania Insured Fund are authorized to issue an unlimited number</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of Common Shares of beneficial interest, par value $0.10 per share</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>together with 1,000,000 Preferred Shares of beneficial interest, par</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>value of $0.05 per share. The Funds&#146; Board is authorized, however,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to classify and reclassify any unissued shares of capital shares without</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>approval of the holders of Common Shares.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Michigan Insured Fund, Inc. and BlackRock</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MuniYield New Jersey Insured Fund, Inc. are authorized to issue</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>200,000,000 shares, including Preferred Shares, par value $0.10 </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>per share or $0.05 per share, all of which were initially classified as</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Common Shares. The Funds&#146; Board is authorized, however, to classify </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>any reclassify any unissued shares of capital shares without approval of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>holders of Common Shares.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Common Shares</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Florida Insured Fund</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares issued and outstanding during the period November 1, 2007 </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to July 31, 2008 and the year ended October 31, 2007 remained con-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>stant. Shares issued and outstanding during the year ended October 31,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2006 increased by 1,851 as a result of dividend reinvestment.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares issued and outstanding during the period November 1, 2007 </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to July 31, 2008 and the year ended October 31, 2007 remained con-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>stant. Shares issued and outstanding during the year ended October 31,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2006 increased by 40,195 as a result of dividend reinvestment.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares issued and outstanding during the period November 1, 2007 </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to July 31, 2008 and the years ended October 31, 2007 and October</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>31, 2006 remained constant.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares issued and outstanding during the period November 1, 2007 </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to July 31, 2008 and the years ended October 31, 2007 and October</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>31, 2006 remained constant.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares of the Funds have a liquidation preference of $25,000</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>per share, plus accrued and unpaid dividends that entitles their holders</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to receive cash dividends at an annual rate that may vary for the suc-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>cessive dividend periods.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Florida Insured Fund and BlackRock MuniYield</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Pennsylvania Insured Fund have a par value of $0.05 per share.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Michigan Insured Fund, Inc. has a par value of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>$0.05 per share on Series A Shares, Series B Shares and Series C </FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares, and $0.10 per share on Series D Shares. BlackRock MuniYield</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>New Jersey Insured Fund, Inc. has a par value of $0.05 per share for</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Series A Shares and $0.10 per share for Series B Shares. The yields in</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>effect at July 31, 2008 were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield Florida</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Michigan Insured</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Insured Fund</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund, Inc.</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="28%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="44%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.579%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.503%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.215%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.579%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.427%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series D</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.354%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD width="28%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="44%">
<HR noShade SIZE=2>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=2>
</TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>MuniYield</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>New Jersey Insured</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Pennsylvania</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Fund, Inc.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Insured Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="28%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="44%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.579%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.579%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.132%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3.503%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="44%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>4.132%</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP>&nbsp; </TD></TR>
<TR>
     <TD width="28%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="44%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The maximum applicable rate on this series of Preferred Shares is the higher of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110% of the AA commercial paper rate or 110% of 90% of the Kenny S&amp;P </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.</FONT><BR>
<SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The maximum applicable rate on this series of Preferred Shares is the higher of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110% plus or times (i) the Telerate/BBA LIBOR or (ii) 90% of the Kenny S&amp;P </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30-day High Grade Index rate divided by 1.00 minus the marginal tax rate.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund pays commissions to certain broker-dealers at the end of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>each auction at an annual rate of 0.25%, calculated on the aggregate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>principal amount. For the period November 1, 2007 to July 31, 2008</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and the year ended October 31, 2007, Merrill Lynch, Pierce, Fenner &amp;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, earned</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>commissions as follows:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Period Ended</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Year Ended</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/2007</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="48%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Florida</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Insured Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 86,890</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$115,812</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Michigan</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Insured Fund, Inc</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$150,895</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$186,966</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield New Jersey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Insured Fund, Inc</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 81,336</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$105,471</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield Pennsylvania</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Insured Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$112,489</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$147,665</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="48%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>On June 2, 2008, the Funds announced the following redemptions of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares at a price of $25,000 per share plus any accrued and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>unpaid dividends through the redemption date:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock MuniYield</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Redemption</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Aggregate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Florida Insured Fund</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Date</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Redeemed</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Principal</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="32%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/24/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>325</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 8,125,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>6/26/2008</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>65</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,625,000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="32%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>34 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>


<!--$$/page=-->
<A name="page_35"></A>

<P align="left">
<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Notes to Financial Statements (continued)</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Redemption</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Aggregate</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Michigan Insured Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Date</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Redeemed</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Principal</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6/25/2008</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">247</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 6,175,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series B</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6/23/2008</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">247</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 6,175,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series C</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6/26/2008</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">197</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 4,925,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series D</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6/24/2008</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">123</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 3,075,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Redemption</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Aggregate</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">New Jersey Insured Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Date</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Redeemed</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Principal</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6/23/2008</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">238</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 5,950,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series B</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6/27/2008</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">74</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 1,850,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Redemption</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Aggregate</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Pennsylvania Insured Fund</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Date</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Redeemed</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Principal</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6/24/2008</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">386</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 9,650,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series B</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6/25/2008</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">463</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;11,575,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=37% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series C</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=19% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">6/27/2008</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">135</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=18% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36; 3,375,000</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Funds financed the Preferred Shares redemptions with cash received</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">from TOB transactions.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Shares issued and outstanding during the years ended October 31,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2007 and October 31, 2006 remained constant.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Dividends on seven-day Preferred Shares are cumulative at a rate which</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">is reset every seven days based on the results of an auction. If the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Preferred Shares fail to clear the auction on an auction date, each</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund is required to pay the maximum applicable rate on the Preferred</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Shares to holders of such shares for successive dividend periods until</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">such time as the stock is successfully auctioned. The maximum applica-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ble rate on Preferred Shares is as footnoted on the above chart. During</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the period November 1, 2007 to July 31, 2008, the Preferred Shares</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of each Fund were successfully auctioned at each auction date until</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">February 13, 2008. The low, high and average dividend rates on the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Preferred Shares for each Fund for the period November 1, 2007 to </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">July 31, 2008 were as follows:</FONT></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=62% nowrap colspan=3>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Florida Insured Fund</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=34% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Low</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=17% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Average</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=34% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.483%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=17% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4.750%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.433%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series B</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=34% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.200%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=17% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.060%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.926%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=62% nowrap colspan=3>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=34% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Low</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=17% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Average</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=34% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.535%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=17% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4.600%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.399%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series B</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=34% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.483%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=17% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4.508%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.348%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series C</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=34% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.480%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=17% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4.500%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.369%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series D</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=34% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.575%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=17% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.198%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.886%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=63% nowrap colspan=3>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=35% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Low</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Average</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=35% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.483%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,508%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.294%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series B</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=35% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.699%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.198%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.799%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=2>
	</TD>
</TR>
<TR>
	<TD colspan=7>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=63% nowrap colspan=3>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=16% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=15% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=35% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Low</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">High</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Average</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=35% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.483%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4,508%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.347%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series B</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=35% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.535%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">4.356%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.380%</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series C</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=35% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.900%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=16% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">5.198%</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=15% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">3.881%</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Since February 13, 2008, the Preferred Shares of each Fund failed to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">clear any of their auctions. As a result, the Preferred Shares dividend</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">rates were reset to the maximum applicable rate, which ranged from</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2.483% to 5.198% . A failed auction is not an event of default for the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Funds but it has a negative impact on the liquidity of the Preferred</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Shares. A failed auction occurs when there are more sellers of a fund&#146;s</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">auction rate Preferred Shares than buyers. It is impossible to predict </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">how long this imbalance will last. A successful auction for each Fund&#146;s</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Preferred Shares may not occur for some time, if ever, and even if liquidity</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">does resume, holders of Preferred Shares may not have the ability to sell</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Preferred Shares at its liquidation preference.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Funds may not declare dividends or make other distributions on</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Common Shares or purchase any such shares if, at the time of the </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">declaration, distribution or purchase, asset coverage with respect to the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">outstanding Preferred Shares is less than 200%.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Preferred Shares are redeemable at the option of each Fund, in</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">whole or in part, on any dividend payment date at &#36;25,000 per share</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">plus any accumulated unpaid dividends whether or not declared. The</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Preferred Shares are also subject to mandatory redemption at &#36;25,000</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">per share plus any accumulated or unpaid dividends, whether or not</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">declared, if certain requirements relating to the composition of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">assets and liabilities of the Fund, as set forth in each Fund&#146;s Articles</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Supplementary/ Certificate of Designation, are not satisfied.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The holders of Preferred Shares have voting rights equal to the holders</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of Common Shares (one vote per share) and will vote together with</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">holders of Common Shares (one vote per share) as a single class.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">However, holders of Preferred Shares, voting as a separate class, are</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">also entitled to elect two Trustees or Directors for each Fund. In addition,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the 1940 Act requires that along with approval by shareholders that</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">might otherwise be required, the approval of the holders of a majority </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of any outstanding Preferred Shares, voting separately as a class would</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">be required to (a) adopt any plan of reorganization that would adversely</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">affect the Preferred Shares, (b) change each Fund&#146;s subclassification </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">as a closed-end investment company or change its fundamental invest-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ment restrictions or (c) change its business so as to cease to be an</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">investment company.</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">ANNUAL REPORT</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
</P>
<P align="left">
<TABLE><TR><TD nowrap>
<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">35</FONT></TD></TR></TABLE>
</P>

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<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Notes to Financial Statements (continued)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>5. Income Tax Information:</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Reclassifications: </FONT></B><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Accounting principles generally accepted in the United</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>States of America require that certain components of net assets be adjust-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ed to reflect permanent differences between financial and tax reporting.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>These reclassifications have no effect on net assets or net asset values per</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>share.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>During the current period, $505,802 has been reclassified in BlackRock</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MuniYield Florida Insured Fund between paid-in capital in excess of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>par and accumulated net realized loss, and $29,047 has been reclassi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>fied between accumulated net realized loss and undistributed net </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investment income as a result of permanent differences attributable to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>expiration of capital loss carryforwards and amortization methods on fixed</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>income securities.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>During the current period, $6,685,590 has been reclassified in BlackRock</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MuniYield Michigan Insured Fund, Inc. between paid-in capital in excess </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of par and accumulated net realized losses, and $4,208 has been reclas-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>sified between undistributed net investment income and accumulated </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>net realized losses as a result of permanent differences attributable to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>expiration of capital loss carryforwards and amortization methods on fixed</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>income securities.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>During the current period, $13,936 has been reclassified in BlackRock</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MuniYield New Jersey Insured Fund, Inc. between undistributed net invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ment income and accumulated net realized loss as a result of permanent</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>differences attributable to the reclassification of distributions.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>During the current period, $845,375 has been reclassified in BlackRock</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MuniYield Pennsylvania Insured Fund between paid-in capital in excess </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of par and accumulated net realized loss and $48,916 has been reclassi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>fied between undistributed net investment income and accumulated </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>net realized loss as a result of permanent differences attributable to </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>expiration of capital loss carryforwards and amortization methods on </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>fixed income securities.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Florida Insured Fund</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The tax character of distributions paid during the period November 1,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2007 to July 31, 2008 and the years ended October 31, 2007 and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>October 31, 2006 was as following:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>11/01/07&#150;</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/2006</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Distributions paid from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax-exempt income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$5,962,814</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$8,353,499</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$8,662,428</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total distributions</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$5,962,814</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$8,353,499</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$8,662,428</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>As of July 31, 2008, the components of accumulated losses on a tax basis</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Undistributed tax-exempt net income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 321,473</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Undistrubuted ordinary net income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>108,983</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="40%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total undistributed net earnings</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>430,456</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital loss carryforward</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,851,819)*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized losses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(2,045,167)**</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="40%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total accumulated net losses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="40%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ (4,466,530)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="57%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="40%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>* On July 31, 2008, the Fund had a capital loss carryforward of $2,851,819, of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>which $2,081,725 expires in 2012 and $770,094 expires in 2016. This amount</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>will be available to offset future realized capital gains.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>** The difference between book-basis and tax-basis net unrealized losses is attribut-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>able primarily to the tax deferral of losses on wash sales, the tax deferral of losses</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>on straddles and the difference between book and tax treatment of residual inter-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>ests in tender option bond trusts.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The tax character of distributions paid during the period November 1,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2007 to July 31, 2008 and the years ended October 31, 2007 and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>October 31, 2006 was as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>11/01/07&#150;</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/2006</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Distributions paid from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax-exempt income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$13,697,591</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$18,813,492</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$20,420,247</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total distributions</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$13,697,591</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$18,813,492</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$20,420,247</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>As of July 31, 2008, the components of accumulated losses on a tax</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>basis were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Undistributed tax-exempt net income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 719,029</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital loss carryforward</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="39%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,838,200)*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized gains</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="39%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3,001**</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=right width="39%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total accumulated net losses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ (6,116,170)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=right width="39%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>* On July 31, 2008, the Fund had a capital loss carryforward of $6,838,200,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of which $1,124,652 expires in 2010, $3,953,220 expires in 2012 and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$1,760,328 expires in 2016. This amount will be available to offset future</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>realized capital gains.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>** The difference between book-basis and tax-basis net unrealized gains is </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>attributable primarily to the tax deferral of losses on wash sales, the tax deferral </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of losses on straddles, the difference between book and tax amortization methods</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>for premiums and discounts on fixed income securities and the difference between</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>book and tax treatment of residual interests in tender option bond trusts.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The tax character of distributions paid during the period November 1,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2007 to July 31, 2008 and the years ended October 31, 2007 and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>October 31, 2006 was as follows:</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>36 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_37"></A>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Notes to Financial Statements (continued)</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>11/01/07&#150;</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/2006</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Distributions paid from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax-exempt income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$6,108,209</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$8,168,618</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$8,554,371</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Ordinary income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>16,458</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>53,500</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Long-term capital gain</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>146,310</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>41,022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total distributions</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$6,270,977</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$8,263,140</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$8,554,371</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="35%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>As of July 31, 2008, the components of accumulated earnings on a tax</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>basis were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Undistributed tax-exempt net income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 987,246</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Undistributed long-term net capital gains</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>331,517</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="36%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total undistributed net earnings</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1,318,763</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized losses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(222,390)*</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="36%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total accumulated net earnings</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="36%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 1,096,373</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="61%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="36%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=4>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>* The difference between book-basis and tax-basis net unrealized losses is attribut-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>able primarily to the tax deferral of losses on straddles, the difference between</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>book and tax amortization methods for premiums and discounts on fixed income</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>securities and the difference between book and tax treatment of residual interests</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>in tender option bond trusts.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The tax character of distributions paid during the period November 1,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2007 to July 31, 2008 and the years ended October 31, 2007 and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>October 31, 2006 was as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>11/01/07&#150;</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>7/31/2008</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/2007</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>10/31/2006</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Distributions paid from:</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Tax-exempt income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$8,276,785</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$11,548,821</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$12,133,186</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total distributions</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$8,276,785</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$11,548,821</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$12,133,186</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="34%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>As of July 31, 2008, the components of accumulated losses on a tax</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>basis were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Undistributed tax-exempt net income</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 311,679</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Net unrealized losses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="39%">&nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(6,428,991)*</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=center width="39%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total accumulated net losses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="39%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ (6,117,312)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="58%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="39%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD width=4>&nbsp;</TD>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>* The difference between book-basis and tax-basis net unrealized losses is attribut-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>able primarily to the tax deferral of losses on straddles, the difference between</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>book and tax amortization methods for premiums and discounts on fixed income</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>securities and the difference between book and tax treatment of residual interests</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>in tender option bond trusts.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>6. Concentration Risk:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Each Fund&#146;s investments are concentrated in certain states, which may be</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>affected by adverse financial, social, environmental, economic, regulatory</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and political factors.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Many municipalities insure repayment of their bonds, which reduces the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>risk of loss due to issuer default. The market value of these bonds may</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>fluctuate for other reasons, including market perception of the value of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>such insurance, and there is no guarantee that the insurer will meet </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>its obligation.</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>7. Restatement Information (For BlackRock MuniYield</FONT></B><BR>
<B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>Michigan Insured Fund, Inc.):</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Subsequent to the initial issuance of BlackRock MuniYield Michigan</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Insured Fund, Inc. October 31, 2006 financial statements, the Fund </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>determined that the criteria for sale accounting in FAS 140 had not been</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>met for certain transfers of municipal bonds and that these transfers</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>should have been accounted for as secured borrowings rather than as</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>sales. As a result, certain financial highlights for each of the three years </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>in the period ended October 31, 2005 have been restated to give effect </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to recording the transfers of the municipal bonds as secured borrowings,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>including recording interest on the bonds as interest income and interest</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>on the secured borrowings as interest expense.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Financial Highlights for BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B><BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Years Ended October 31, 2005, 2004 and 2003</FONT></B></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2005</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2004</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2003</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="16%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="15%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="23%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Previously</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Previously</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Previously</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Reported</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Restated Reported</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="24%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Restated Reported</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Restated</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%" colSpan=5>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="24%" colSpan=5>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>after waiver</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.10%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.00%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.19%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.01%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.20%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Total expenses</FONT><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5</FONT></SUP>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.10%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.42%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.02%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.22%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.03%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1.21%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Portfolio turnover</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>30.16%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>25%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>36.63%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="2%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>32%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>33.39%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>29%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="18%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="12%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="2%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="7%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="84%" colSpan=15><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>5 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Do not reflect the effect of dividends to Preferred Shareholders.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-Demi,Arial,Helvetica,sans-serif size=2>8. Subsequent Events:</FONT></B><BR>
<BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Florida Insured Fund</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Fund paid a net investment income dividend to holders of Common</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares in the amount of $0.0535 per share on September 2, 2008 to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>shareholders of record on August 15, 2008.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The dividends declared on Preferred Shares for the period August 1,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>2008 to August 31, 2008 were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$133,006</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 33,537</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="47%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="50%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
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     <TD noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Fund paid a net investment income dividend to holders of Common</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares in the amount of $0.054 per share on September 2, 2008 to </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>shareholders of record on August 15, 2008.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>37</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Notes to Financial Statements (concluded)</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The dividends declared on Preferred Shares for the period August 1, 2008</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to August 31, 2008 were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$109,965</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$111,347</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 87,266</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series D</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 72,143</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="47%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="50%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
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     <TD noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Fund paid a net investment income dividend to holders of Common </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares in the amount of $0.054 per share on September 2, 2008 to </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>shareholders of record on August 15, 2008.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The dividends declared on Preferred Shares for the period August 1, 2008</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to August 31, 2008 were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$127,163</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="50%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$ 50,285</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="47%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="50%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left>
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<TR>
     <TD noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Fund paid a net investment income dividend to holders of Common</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares in the amount of $0.053 per share on September 2, 2008 to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>shareholders of record on August 15, 2008.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The dividends declared on Preferred Shares for the period August 1, 2008</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>to August 31, 2008 were as follows:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series A</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$82,212</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series B</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$76,653</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Series C</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="49%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>$28,904</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="48%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="49%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
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     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>On September 12, 2008, the Board of Directors of BlackRock MuniYield</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Florida Insured Fund, BlackRock MuniYield Michigan Insured Fund,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Inc., BlackRock MuniYield New Jersey Insured Fund, Inc. and BlackRock</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>MuniYield Pennsylvania Insured Fund voted unanimously to change </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>certain investment guidelines of the Funds. Under normal market </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>conditions, the Funds are required to invest at least 80% of their </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>total assets in municipal bonds either (i) insured under an insurance </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>policy purchased by the Funds or (ii) insured under an insurance </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>policy obtained by the issuer of the municipal bond or any other party.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Historically, the Funds have had an additional non-fundamental invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ment policy limiting its purchase of insured municipal bonds to those</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>bonds insured by insurance providers with claims-paying abilities rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>AAA or Aaa at the time of investment.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Following the onset of the credit and liquidity crises currently troubling </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the financial markets, the applicable rating agencies lowered the claims-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>paying ability rating of most of the municipal bond insurance providers</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>below the highest rating category. As a result, the Advisor recommended,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>and the Board approved, an amended policy with respect to the pur-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>chase of insured municipal bonds that such bonds must be insured by </FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>insurance providers or other entities with claims-paying abilities rated </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>at least investment grade. This investment grade restriction is measured </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>at the time of investment, and the Funds will not be required to dispose </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of municipal bonds they hold in the event of subsequent downgrades.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The approved changes do not alter the Funds&#146; investment objectives.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>In addition, on September 12, 2008, the Board of Directors of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Florida Insured Fund voted unanimously to change </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>a non-fundamental investment policy of the Fund, and to rename the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Fund &#147;BlackRock MuniYield Insured Investment Fund.&#148; The Fund&#146;s previ-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>ous non-fundamental investment policy required the Fund, under normal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>market conditions, to invest at least 80% of its assets in Florida municipal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>bonds insured by insurers with claims-paying abilities rated AAA at time </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of investment. Due to the repeal of the Florida Intangible Personal Property</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Tax as of January 2007, the Board has approved an amended policy </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>allowing the Fund flexibility to invest in municipal obligations regardless </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of geographic location, as well as revising the policy with respect to </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the claims-paying ability rating adopted by the Fund. The Fund's new</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investment policy is, under normal market conditions, to invest at least</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>80% of its assets in municipal bonds insured by insurers or other </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>entities with claims-paying abilities rated at least investment grade </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>at time of investment. The approved changes will not alter the Fund&#146;s </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>investment objective.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Under current market conditions, the Advisor anticipates that it will </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>gradually reposition the BlackRock MuniYield Insured Investment Fund's</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>portfolio over time and that during such period, the Fund may continue to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>hold a substantial portion of its assets in Florida municipal bonds. At </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>this time, it is uncertain how long the repositioning may take, and the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Fund will continue to be subject to risks associated with investing a </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>significant portion of its assets in Florida municipal bonds until the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>repositioning is complete.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Advisor and the Board believe the amended policies will allow the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Advisor to better manage the Funds&#146; portfolios in the best interests of the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Funds&#146; shareholders and to better meet the Funds' investment objectives.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>On September 15, 2008, Bank of America Corporation announced that </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>it has agreed to acquire Merrill Lynch, one of the principal owners of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock, Inc. The purchase has been approved by the directors of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>both companies. Subject to shareholder and regulatory approvals, the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>transaction is expected to close in the first quarter of 2009.</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>38 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Report of Independent Registered Public Accounting Firm</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">To the Shareholders and Boards of Directors or Trustees</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">of BlackRock MuniYield Florida Insured Fund, BlackRock</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">MuniYield Michigan Insured Fund, Inc., BlackRock</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">MuniYield New Jersey Insured Fund, Inc. and BlackRock</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">MuniYield Pennsylvania Insured Fund:</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">We have audited the accompanying statements of assets and liabilities,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">including the schedules of investments, of BlackRock MuniYield Florida</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund, Blackrock MuniYield New Jersey Insured Fund, Inc. and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania Insured Fund, as of July 31, 2008, and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the related statements of operations for the period November 1, 2007 to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">July 31, 2008 and the year ended October 31, 2007, the statements of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">changes in net assets for the period November 1, 2007 to July 31, 2008</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and for each of the two years in the period ended October 31, 2007, and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the financial highlights for the period November 1, 2007 to July 31, 2008</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and for each of the five years in the period ended October 31, 2007. We</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">have also audited the accompanying statement of assets and liabilities,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">including the schedule of investments, of BlackRock MuniYield Michigan</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund, Inc. as of July 31, 2008, and the related statements of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">operations for the period November 1, 2007 to July 31, 2008 and the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">year ended October 31, 2007, and the statements of changes in net</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">assets and financial highlights for the period November 1, 2007 to July</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">31, 2008 and for each of the two years in the period ended October 31,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2007. BlackRock MuniYield Florida Insured Fund, Blackrock MuniYield</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">New Jersey Insured Fund, Inc., BlackRock MuniYield Pennsylvania Insured</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund and BlackRock MuniYield Michigan Insured Fund, Inc. are collective-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ly referred to as the &#147;Funds.&#148; These financial statements and financial</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">highlights are the responsibility of the Funds&#146; management. Our responsi-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">bility is to express an opinion on these financial statements and financial</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">highlights based on our audits. The financial highlights of BlackRock</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">MuniYield Michigan Insured Fund, Inc. for each of the three years in the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">period ended October 31, 2005 (before the restatement described in</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Note 7) were audited by other auditors whose report, dated December 9,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2005, expressed a qualified opinion on those financial highlights</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">because of the errors described in Note 7.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">We conducted our audits in accordance with the standards of the Public</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Company Accounting Oversight Board (United States). Those standards</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">require that we plan and perform the audit to obtain reasonable assur-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ance about whether the financial statements and financial highlights are</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">free of material misstatement. The Funds are not required to have, nor</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">were we engaged to perform, audits of their internal control over financial</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">reporting. Our audits included consideration of internal control over finan-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">cial reporting as a basis for designing audit procedures that are appro-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">priate in the circumstances, but not for the purpose of expressing an</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">opinion on the effectiveness of the Funds&#146; internal control over financial</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">reporting. Accordingly, we express no such opinion. An audit also includes</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">examining, on a test basis, evidence supporting the amounts and disclo-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">sures in the financial statements, assessing the accounting principles</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">used and significant estimates made by management, as well as evaluat-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ing the overall financial statement presentation. Our procedures included</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">confirmation of securities owned as of July 31, 2008 by correspondence</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">with the custodian and brokers; where replies were not received from bro-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">kers, we performed other auditing procedures. We believe that our audits</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">provide a reasonable basis for our opinion.</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In our opinion, the financial statements and financial highlights of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Florida Insured Fund, Blackrock MuniYield New</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Jersey Insured Fund, Inc. and BlackRock MuniYield Pennsylvania Insured</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund, referred to above present fairly, in all material respects, the respec-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tive financial positions of each of those funds as of July 31, 2008, the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">results of their operations for the period November 1, 2007 to July 31,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2008 and for the year ended October 31, 2007, the changes in their </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">net assets for the period November 1, 2007 to July 31, 2008 and for</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">each of the two years in the period ended October 31, 2007, and the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">financial highlights for the period November 1, 2007 to July 31, 2008</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and for each of the five years in the period ended October 31, 2007, in</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">conformity with accounting principles generally accepted in the United</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">States of America. Additionally, in our opinion, the financial statements</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and financial highlights of BlackRock MuniYield Michigan Insured Fund,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Inc. as of July 31, 2008, the results of its operations for the period</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">November 1, 2007 to July 31, 2008 and for the year ended October 31,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">2007, and the changes in its net assets and financial highlights for the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">period November 1, 2007 to July 31, 2008 and for each of the two years</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">in the period ended October 31, 2007, in conformity with accounting</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">principles generally accepted in the United States of America.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">We also have audited the adjustments, applied by management, to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">restate certain financial highlights of BlackRock MuniYield Michigan</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund, Inc. (the &#147;Michigan Insured Fund&#148;) for each of the three</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">years in the period ended October 31, 2005, to correct the errors</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">described in Note 7. These adjustments are the responsibility of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Michigan Insured Fund&#146;s management. The audit procedures that we per-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">formed with respect to the adjustments included such tests as we consid-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ered necessary in the circumstances and were designed to obtain rea-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">sonable assurance about whether the adjustments are appropriate and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">have been properly applied, in all material respects, to the restated infor-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">mation in Michigan Insured Fund&#146;s financial highlights for each of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">three years in the period ended October 31, 2005. We did not perform</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">any audit procedures designed to assess whether any additional adjust-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ments or disclosures to Michigan Insured Fund&#146;s financial highlights for</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">each of the three years in the period ended October 31, 2005 might be</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">necessary in order for such financial highlights to be presented in con-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">formity with accounting principles generally accepted in the United States</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of America. In our opinion, the adjustments to the financial highlights of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Michigan Insured Fund for each of the three years in the period ended</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">October 31, 2005, for the restatement described in Note 7 are appropri-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ate and have been properly applied, in all material respects. However, we</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">were not engaged to audit, review, or apply any procedures to Michigan</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund&#146;s financial highlights other than with respect to the adjust-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ments described in Note 7 and, accordingly, we do not express an </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">opinion or any other form of assurance on the Michigan Insured Fund&#146;s</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">financial highlights for each of the three years in the period ended</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">October 31, 2005.</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Deloitte &amp; Touche </FONT><FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">LLP</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Princeton, New Jersey</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">September 25, 2008</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">ANNUAL REPORT</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">39</FONT></TD></TR></TABLE>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Important Tax Information</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">All of the net investment income distributions paid by BlackRock MuniYield Florida Insured Fund, BlackRock MuniYield Michigan Insured Fund, Inc.,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and BlackRock MuniYield Pennsylvania Insured Fund during the period ended July 31, 2008 qualify as tax-exempt interest dividends for federal</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">income tax purposes.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The following table summarizes the taxable per share distributions paid by BlackRock MuniYield New Jersey Insured Fund, Inc. during </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the taxable period ended July 31, 2008:</FONT></TD></TR></TABLE>
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<TABLE border=0 cellspacing=0 cellpadding=0>
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&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=32% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Payable</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Ordinary</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Long-Term</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=32% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Date</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Income</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<B><FONT size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Capital Gains</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
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<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Common Shareholders</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=32% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">12/31/2007</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;0.001126</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;0.011311</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
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<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Preferred Shareholders:</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=32% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
</TR>
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	<TD align=left width=34% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series A</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=32% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">11/26/2007</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;1.37</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;13.98</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% nowrap>
 &nbsp; &nbsp; &nbsp;<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Series B</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=32% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">11/30/2007</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;1.36</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=12% nowrap>
<FONT size=1 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#36;13.67</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">All other net investment income distributions paid by BlackRock MuniYield New Jersey Insured Fund during the taxable period ended July 31, 2008</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">qualify as tax-exempt interest dividends for federal income tax purposes.</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">40 ANNUAL REPORT</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Disclosure of Investment Advisory Agreement and Subadvisory Agreement</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board of Directors (collectively, the &#147;Board,&#148; the members of </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">which are referred to as &#147;Directors&#148;) of the BlackRock MuniYield Florida</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund (&#147;MFT&#148;), BlackRock MuniYield Michigan Insured Fund, Inc.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(&#147;MIY&#148;), BlackRock MuniYield New Jersey Insured Fund, Inc. (&#147;MJI&#148;) and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania Insured Fund (&#147;MPA,&#148; and together</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">with MFT, MIY and MJI, the &#147;Funds&#148;) met in April and May 2008 to con-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">sider approving the continuation of each Fund&#146;s investment advisory</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">agreement (each, an &#147;Advisory Agreement&#148;) with BlackRock Advisors, LLC</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(the &#147;Advisor&#148;), each Fund&#146;s investment adviser. The Board also consid-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ered the approval of each Fund&#146;s subadvisory agreement (each, a</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#147;Subadvisory Agreement&#148; and, together with the &#147;Advisory Agreement,&#148;</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the &#147;Agreements&#148;) between the Advisor and BlackRock Investment</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Management, LLC (the &#147;Subadvisor&#148;). The Advisor and the Subadvisor</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">are collectively referred to herein as the &#147;Advisors&#148; and, together with</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock, Inc., &#147;BlackRock.&#148;</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">Activities and Composition of the Board</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board of each Fund consists of thirteen individuals, eleven of whom</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">are not &#147;interested persons&#148; of the Funds as defined in the Investment</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Company Act of 1940 (the &#147;1940 Act&#148;) (the &#147;Independent Directors&#148;).</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Directors are responsible for the oversight of the operations of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Funds and perform the various duties imposed on the directors of invest-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ment companies by the 1940 Act. The Independent Directors have</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">retained independent legal counsel to assist them in connection with</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">their duties. The Chairman of the Board is an Independent Director. The</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Board has established four standing committees: an Audit Committee, a</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Governance and Nominating Committee, a Compliance Committee and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">a Performance Oversight Committee.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">Advisory Agreement and Subadvisory Agreement</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Upon the consummation of the combination of BlackRock, Inc.&#146;s invest-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ment management business with Merrill Lynch &amp; Co., Inc.&#146;s investment</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">management business, including Merrill Lynch Investment Managers, L. .,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and certain affiliates, each Fund entered into an Advisory Agreement and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">a Subadvisory Agreement, each with an initial two-year term. Consistent</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">with the 1940 Act, after the Advisory Agreement&#146;s and Subadvisory</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Agreement&#146;s respective initial two-year term, the Board is required to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">consider the continuation of each Fund&#146;s Advisory Agreement and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Subadvisory Agreement on an annual basis. In connection with this</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">process, the Board assessed, among other things, the nature, scope and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">quality of the services provided to each Fund by the personnel of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock and its affiliates, including investment advisory services,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">administrative services, secondary market support services, oversight of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">fund accounting and custody, and assistance in meeting legal and regu-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">latory requirements. The Board also received and assessed information</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">regarding the services provided to each Fund by certain unaffiliated</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">service providers.</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Throughout the year, the Board also considered a range of information in</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">connection with its oversight of the services provided by BlackRock and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">its affiliates. Among the matters the Board considered were: (a) invest-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ment performance for one-, three- and five-year periods, as applicable,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">against peer funds, as well as senior management and portfolio man-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">agers&#146; analysis of the reasons for underperformance, if applicable; </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(b) fees, including advisory, administration and other fees paid to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock and its affiliates by each Fund, as applicable; (c) Fund oper-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ating expenses paid to third parties; (d) the resources devoted to and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">compliance reports relating to each Fund&#146;s investment objective, policies</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and restrictions; (e) each Fund&#146;s compliance with its Code of Ethics and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">compliance policies and procedures; (f) the nature, cost and character</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of non-investment management services provided by BlackRock and its</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">affiliates; (g) BlackRock&#146;s and other service providers&#146; internal controls;</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(h) BlackRock&#146;s implementation of the proxy voting guidelines approved</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">by the Board; (i) execution quality; (j) valuation and liquidity procedures;</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and (k) reviews of BlackRock&#146;s business, including BlackRock&#146;s response</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">to the increasing scale of its business.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">Board Considerations in Approving the Advisory</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-Demi,Arial,Helvetica,sans-serif">Agreement and Subadvisory Agreement </FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">To assist the Board in its evaluation of the Agreements, the Directors</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">received information from BlackRock in advance of the April 22, 2008</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">meeting which detailed, among other things, the organization, business</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">lines and capabilities of the Advisors, including: (a) the responsibilities</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of various departments and key personnel and biographical information</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">relating to key personnel; (b) financial statements for BlackRock; (c) the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">advisory and/or administrative fees paid by each Fund to the Advisors,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">including comparisons, compiled by Lipper Inc. (&#147;Lipper&#148;), an independ-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ent third party, with the management fees, which include advisory and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">administration fees, of funds with similar investment objectives (&#147;Peers&#148;);</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(d) the profitability of BlackRock and certain industry profitability analy-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ses for advisers to registered investment companies; (e) the expenses </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of BlackRock in providing various services; (f) non-investment advisory</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">reimbursements, if applicable, and &#147;fallout&#148; benefits to BlackRock; </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(g) economies of scale, if any, generated through the Advisors&#146; manage-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ment of all of the BlackRock closed-end funds (the &#147;Fund Complex&#148;); </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(h) the expenses of each Fund, including comparisons of each such</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund&#146;s expense ratios (both before and after any fee waivers) with the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">expense ratios of its Peers; (i) an internal comparison of management</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">fees classified by Lipper, if applicable; and (j) each Fund&#146;s performance</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">for the past one-, three- and five-year periods, as applicable, as well as</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">each Fund&#146;s performance compared to its Peers.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board also considered other matters it deemed important to </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the approval process, where applicable, such as payments made to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock or its affiliates relating to the distribution of Fund shares,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">services related to the valuation and pricing of Fund portfolio holdings,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and direct and indirect benefits to BlackRock and its affiliates from their</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">relationship with the Funds.</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">ANNUAL REPORT</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">41</FONT></TD></TR></TABLE>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In addition to the foregoing materials, independent legal counsel to the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Independent Directors provided a legal memorandum outlining, among</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">other things, the duties of the Board under the 1940 Act, as well as the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">general principles of relevant law in reviewing and approving advisory</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">contracts, the requirements of the 1940 Act in such matters, an adviser&#146;s</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">fiduciary duty with respect to advisory agreements and compensation,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and the standards used by courts in determining whether investment</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">company boards of directors have fulfilled their duties and the factors </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">to be considered by boards in voting on advisory agreements.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Independent Directors reviewed this information and discussed it</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">with independent legal counsel prior to the meeting on April 22, 2008.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">At the Board meeting on April 22, 2008, BlackRock made a presenta-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tion to and responded to questions from the Board. Following the meet-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ing on April 22, 2008, the Board presented BlackRock with questions</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and requests for additional information. BlackRock responded to these</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">requests with additional written materials provided to the Directors prior</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">to the meetings on May 29 and 30, 2008. At the Board meetings on</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">May 29 and 30, 2008, BlackRock responded to further questions from</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Board. In connection with BlackRock&#146;s presentations, the Board con-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">sidered each Agreement and, in consultation with independent legal</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">counsel, reviewed the factors set out in judicial decisions and Securities</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and Exchange Commission (&#147;SEC&#148;) statements relating to the renewal </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of the Agreements.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Matters Considered by the Board</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In connection with its deliberations with respect to the Agreements, the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Board considered all factors it believed relevant with respect to each</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund, including the following: the nature, extent and quality of the ser-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">vices provided by the Advisors; the investment performance of each</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund; the costs of the services to be provided and profits to be realized</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">by the Advisors and their affiliates from their relationship with the Funds;</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the extent to which economies of scale would be realized as the Fund</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Complex grows; and whether BlackRock realizes other benefits from its</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">relationship with the Funds.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">A. Nature, Extent and Quality of the Services: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In evaluating the nature,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">extent and quality of the Advisors&#146; services, the Board reviewed informa-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tion concerning the types of services that the Advisors provide and are</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">expected to provide to each Fund, narrative and statistical information</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">concerning each Fund&#146;s performance record and how such performance</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">compares to each Fund&#146;s Peers, information describing BlackRock&#146;s</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">organization and its various departments, the experience and responsi-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">bilities of key personnel and available resources. The Board noted the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">willingness of the personnel of BlackRock to engage in open, candid dis-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">cussions with the Board. The Board further considered the quality of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Advisors&#146; investment process in making portfolio management decisions.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In addition to advisory services, the Directors considered the quality of </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the administrative and non-investment advisory services provided to the </FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Funds. The Advisors and their affiliates provided each Fund with such</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">administrative and other services, as applicable (in addition to any such</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">services provided by others for the Funds), and officers and other </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">personnel as are necessary for the operations of the respective Fund.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In addition to investment management services, the Advisors and their</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">affiliates provided each Fund with services such as: preparing share-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">holder reports and communications, including annual and semi-annual</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">financial statements and the Funds&#146; websites; communications with ana-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">lysts to support secondary market trading; assisting with daily account-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ing and pricing; preparing periodic filings with regulators and stock</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">exchanges; overseeing and coordinating the activities of other service</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">providers; administering and organizing Board meetings and preparing</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Board materials for such meetings; providing legal and compliance</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">support (such as helping to prepare proxy statements and responding </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">to regulatory inquiries); and performing other Fund administrative tasks</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">necessary for the operation of the respective Fund (such as tax reporting</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and fulfilling regulatory filing requirements). The Board considered the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Advisors&#146; policies and procedures for assuring compliance with appli-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">cable laws and regulations.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">B. The Investment Performance of the Funds and BlackRock: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">As previ-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ously noted, the Board received performance information regarding each</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund and its Peers. Among other things, the Board received materials</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">reflecting each Fund&#146;s historic performance and each Fund&#146;s perform-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ance compared to its Peers. More specifically, each Fund&#146;s one-, three-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and five-year total returns (as applicable) were evaluated relative to its</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Peers (including the Peers&#146; median performance).</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board reviewed a narrative and statistical analysis of the Lipper </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">data that was prepared by BlackRock, which analyzed various factors</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">that affect Lipper rankings.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board noted that MFT performed below the median of its Peers in </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">at least two of the one-, three- and five-year periods reported. The Board</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">then discussed with representatives of BlackRock the reasons for MFT&#146;s</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">underperformance during these periods compared with its Peers. The</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Board noted that the underperformance of MFT was largely due to its</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">defensive duration stance in the face of a long-term municipal bond</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">rally and its inability to invest in non-investment grade securities.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board noted that, although MJI underperformed its Peers in at least</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">two of the one-, three- and five-year periods reported, its underperfor-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">mance was not greater than 10% of the median return of its Peers for</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">any of the periods above and therefore not considered to be material.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">For each of MFT and MJI, the Board concluded that BlackRock was com-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">mitted to providing the resources necessary to assist the portfolio man-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">agers and to continue improving each Fund&#146;s performance. Based on its</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">review, the Board generally was satisfied with BlackRock&#146;s efforts to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">manage each of the Funds.</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">42 ANNUAL REPORT</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Disclosure of Investment Advisory Agreement and Subadvisory Agreement (continued)</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board noted that, although MIY underperformed its Peers in at least</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">two of the one-, three- and five-year periods reported, it outperformed </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">its Peers in a subset of the Lipper universe in at least two of such </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">periods based on a customized performance comparison provided by</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock which gives a greater significance to current distributions,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">providing a more accurate comparison.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board noted that in general MPA performed better than its Peers in</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">that its performance was at or above the median of its Peers in at least</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">two of the one-, three- and five-year periods reported.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">After considering this information, the Boards concluded that the per-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">formance of each Fund, in light of and after considering the other facts</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and circumstances applicable to each Fund, supports a conclusion that</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">each Fund&#146;s Agreements should be renewed.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">C. Consideration of the Advisory Fees and the Cost of the Services </FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">and Profits to be Realized by BlackRock and its Affiliates from their</FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Relationship with the Funds: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In evaluating the management fees and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">expenses that each Fund is expected to bear, the Board considered</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">each Fund&#146;s current management fee structure and each Fund&#146;s expense</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ratios in absolute terms as well as relative to the fees and expense</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ratios of its applicable Peers. The Board, among other things, reviewed</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">comparisons of each Fund&#146;s gross management fees before and after</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">any applicable reimbursements and fee waivers and total expense ratios</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">before and after any applicable waivers with those of applicable Peers.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board also reviewed a narrative analysis of the Peer rankings pre-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">pared by Lipper and summarized by BlackRock at the request of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Board. This summary placed the Peer rankings into context by analyzing</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">various factors that affect these comparisons.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board noted that the Funds paid contractual management fees</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">lower than or equal to the median contractual fees paid by their respec-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tive Peers. This comparison was made without giving effect to any</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">expense reimbursements or fee waivers.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board also compared the management fees charged and services</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">provided by the Advisors to closed-end funds in general versus other</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">types of clients (such as open-end investment companies and separa-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tely managed institutional accounts) in similar investment categories.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board noted certain differences in services provided and costs</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">incurred by the Advisor with respect to closed-end funds compared to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">these other types of clients and the reasons for such differences.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In connection with the Board&#146;s consideration of the fees and expense</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">information, the Board reviewed the considerable investment manage-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ment experience of the Advisors and considered the high level of invest-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ment management, administrative and other services provided by the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Advisors. In light of these factors and the other facts and circumstances</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">applicable to each Fund, the Board concluded that the fees paid and </FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">level of expenses incurred by each Fund under its Agreements support a</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">conclusion that each Fund&#146;s Agreements should be renewed.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">D. Profitability of BlackRock: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board also considered BlackRock&#146;s</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">profitability in conjunction with its review of fees. The Board reviewed</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock&#146;s profitability with respect to the Fund Complex and other</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">fund complexes managed by the Advisors. In reviewing profitability, the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Board recognized that one of the most difficult issues in determining</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">profitability is establishing a method of allocating expenses. The Board</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">also reviewed BlackRock&#146;s assumptions and methodology of allocating</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">expenses, noting the inherent limitations in allocating costs among </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">various advisory products. The Board also recognized that individual </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">fund or product line profitability of other advisors is generally not </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">publicly available.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board recognized that profitability may be affected by numerous </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">factors including, among other things, the types of funds managed,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">expense allocations and business mix, and therefore comparability of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">profitability is somewhat limited. Nevertheless, to the extent available,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Board considered BlackRock&#146;s operating margin compared to the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">operating margin estimated by BlackRock for a leading investment </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">management firm whose operations consist primarily of advising closed-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">end funds. The comparison indicated that BlackRock&#146;s operating margin</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">was approximately the same as the operating margin of such firm.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In evaluating the reasonableness of the Advisors&#146; compensation, the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Board also considered any other revenues paid to the Advisors, including</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">partial reimbursements paid to the Advisors for certain non-investment</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">advisory services, if applicable. The Board noted that these payments</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">were less than the Advisors&#146; costs for providing these services. The Board</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">also considered indirect benefits (such as soft dollar arrangements) </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">that the Advisors and their affiliates are expected to receive, which are</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">attributable to their management of the Fund.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board concluded that BlackRock&#146;s profitability, in light of all the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">other facts and circumstances applicable to each Fund, supports a con-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">clusion that each Fund&#146;s Agreements should be renewed.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">E. Economies of Scale: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In reviewing each Fund&#146;s fees and expenses,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Board examined the potential benefits of economies of scale, and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">whether any economies of scale should be reflected in the Fund&#146;s fee</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">structure, for example through the use of breakpoints for the Fund or the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund Complex. In this regard, the Board reviewed information provided</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">by BlackRock, noting that most closed-end fund complexes do not have</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">fund-level breakpoints because closed-end funds generally do not expe-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">rience substantial growth after their initial public offering and each fund</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">is managed independently consistent with its own investment objectives.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Board noted that only three closed-end funds in the Fund Complex</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">have breakpoints in their fee structures. Information provided by Lipper </FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">ANNUAL REPORT</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">43</FONT></TD></TR></TABLE>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Disclosure of Investment Advisory Agreement and Subadvisory Agreement (concluded)</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">also revealed that only one closed-end fund complex used a complex-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">level breakpoint structure. The Board found, based on its review of com-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">parable funds, that each Fund&#146;s management fee is appropriate in light</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of the scale of the respective Fund.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">F. Other Factors: </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In evaluating fees, the Board also considered indirect</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">benefits or profits the Advisors or their affiliates may receive as a result</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of their relationships with the Funds (&#147;fall-out benefits&#148;). The Directors,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">including the Independent Directors, considered the intangible benefits</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">that accrue to the Advisors and their affiliates by virtue of their relation-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ships with the Funds, including potential benefits accruing to the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Advisors and their affiliates as a result of participating in offerings of </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Funds&#146; shares, potentially stronger relationships with members of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">broker-dealer community, increased name recognition of the Advisors</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and their affiliates, enhanced sales of other investment funds and prod-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ucts sponsored by the Advisors and their affiliates and increased assets</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">under management which may increase the benefits realized by the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Advisors from soft dollar arrangements with broker-dealers. The Board</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">also considered the unquantifiable nature of these potential benefits.</FONT><BR>
<BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Conclusion with Respect to the Agreements</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">In reviewing the Agreements, the Directors did not identify any single </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">factor discussed above as all-important or controlling and different</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Directors may have attributed different weights to the various factors</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">considered. The Directors, including the Independent Directors, unani-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">mously determined that each of the factors described above, in light of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">all the other factors and all of the facts and circumstances applicable </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">to each respective Fund, was acceptable for each Fund and supported</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Directors&#146; conclusion that the terms of each Agreement were fair </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and reasonable, that each Fund&#146;s fees are reasonable in light of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">services provided to the respective Fund and that each Agreement</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">should be approved.</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">44 ANNUAL REPORT</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Automatic Dividend Reinvestment Plan</FONT><BR>
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<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">How the Plan Works </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; The Funds offer a Dividend Reinvestment Plan</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(the &#147;Plan&#148;) under which income and capital gains dividends paid by </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">a Fund are automatically reinvested in additional Common Shares of the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund. The Plan is administered on behalf of the shareholders by The BNY</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Mellon Shareowner Services for BlackRock MuniYield Florida Insured</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Fund, BlackRock MuniYield Michigan Insured Fund, Inc. and BlackRock</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">MuniYield New Jersey Insured Fund, Inc. and Computershare Trust</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Company, N.A. for BlackRock MuniYield Pennsylvania Insured Fund (indi-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">vidually, the &#147;Plan Agent&#148; or together, the &#147;Plan Agents&#148;). Under the Plan,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">whenever a Fund declares a dividend, participants in the Plan will</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">receive the equivalent in Common Shares of the Fund. The Plan Agents</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">will acquire the shares for the participant&#146;s account either (i) through</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">receipt of additional unissued but authorized shares of the Funds</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(&#147;newly issued shares&#148;) or (ii) by purchase of outstanding Common</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Shares on the open market on the New York Stock Exchange or American</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Stock Exchange, as applicable or elsewhere. If, on the dividend payment</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">date, the Fund&#146;s net asset value per share is equal to or less than the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">market price per share plus estimated brokerage commissions (a condi-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tion often referred to as a &#147;market premium&#148;), the Plan Agents will invest</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the dividend amount in newly issued shares. If the Fund&#146;s net asset</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">value per share is greater than the market price per share (a condition</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">often referred to as a &#147;market discount&#148;), the Plan Agents will invest the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">dividend amount by purchasing on the open market additional shares.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">If the Plan Agents are unable to invest the full dividend amount in open</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">market purchases, or if the market discount shifts to a market premium</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">during the purchase period, the Plan Agents will invest any uninvested</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">portion in newly issued shares. The shares acquired are credited to each</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">shareholder&#146;s account. The amount credited is determined by dividing the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">dollar amount of the dividend by either (i) when the shares are newly</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">issued, the net asset value per share on the date the shares are issued</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">or (ii) when shares are purchased in the open market, the average pur-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">chase price per share.</FONT><BR>
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<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Participation in the Plan </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; Participation in the Plan is automatic, that </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">is, a shareholder is automatically enrolled in the Plan when he or she</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">purchases shares of Common Shares of the Funds unless the share-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">holder specifically elects not to participate in the Plan. Shareholders </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">who elect not to participate will receive all dividend distributions in </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">cash. Shareholders who do not wish to participate in the Plan must</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">advise their Plan Agent in writing (at the address set forth below) that</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">they elect not to participate in the Plan. Participation in the Plan is </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">completely voluntary and may be terminated or resumed at any time</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">without penalty by writing to the Plan Agent.</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Benefits of the Plan </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; The Plan provides an easy, convenient way for</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">shareholders to make additional, regular investments in the Funds.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Plan promotes a long-term strategy of investing at a lower cost. All</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">shares acquired pursuant to the Plan receive voting rights. In addition, if</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the market price plus commissions of a Fund&#146;s shares is above the net</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">asset value, participants in the Plan will receive shares of the Funds for</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">less than they could otherwise purchase them and with a cash value</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">greater than the value of any cash distribution they would have received.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">However, there may not be enough shares available in the market to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">make distributions in shares at prices below the net asset value. Also,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">since the Funds do not redeem shares, the price on resale may be </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">more or less than the net asset value.</FONT><BR>
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<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Plan Fees </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; There are no enrollment fees or brokerage fees for </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">participating in the Plan. The Plan Agents&#146; service fees for handling the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">reinvestment of distributions are paid for by the Funds. However, broker-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">age commissions may be incurred when the Funds purchase shares </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">on the open market and shareholders will pay a pro rata share of any</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">such commissions.</FONT><BR>
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<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Tax Implications </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; The automatic reinvestment of dividends and distribu-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tions will not relieve participants of any federal, state or local income tax</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">that may be payable (or required to be withheld) on such dividends.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Therefore, income and capital gains may still be realized even though</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">shareholders do not receive cash. If, when the Funds&#146; shares are trading</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">at a market premium, the Funds issue shares pursuant to the Plan that</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">have a greater fair market value than the amount of cash reinvested, it is</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">possible that all or a portion of the discount from the market value</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(which may not exceed 5% of the fair market value of the Funds&#146;s</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">shares) could be viewed as a taxable distribution. If the discount is</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">viewed as a taxable distribution, it is also possible that the taxable char-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">acter of this discount would be allocable to all the shareholders, includ-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ing shareholders who do not participate in the Plan. Thus, shareholders</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">who do not participate in the Plan might be required to report as ordi-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">nary income a portion of their distributions equal to their allocable share</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">of the discount.</FONT><BR>
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<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Contact Information </FONT></B><FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">&#151; All correspondence concerning the Plan, including</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">any questions about the Plan, should be directed to the Plan Agent at</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The BNY Mellon Shareowner Services, .O. Box 385035, Pittsburgh, PA</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">15252-8035, Telephone: (800) 432-8224 for BlackRock MuniYield</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Florida Insured Fund, BlackRock MuniYield Michigan Insured Fund, Inc.,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield New Jersey Insured Fund, Inc. and Computershare</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Trust Company, N.A., .O. Box 43010, Providence, RI 02940-3010,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Telephone: (800) 426-5523 for BlackRock MuniYield Pennsylvania</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Insured Fund.</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">ANNUAL REPORT</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">JULY 31, 2008</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">45</FONT></TD></TR></TABLE>
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     <TD noWrap align=left width="74%" colSpan=7><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Officers and Directors or Trustees</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock-</FONT></B>&nbsp; </TD>
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     <TD noWrap align=left width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Advised Funds</FONT></B>&nbsp; </TD>
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     <TD noWrap align=left width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Portfolios</FONT></B>&nbsp; </TD>
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     <TD noWrap align=left width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Public</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Year of Birth</FONT></B>&nbsp; </TD>
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     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>or Trustee</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP></B>&nbsp; </TD>
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     <TD noWrap align=left width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Overseen</FONT></B>&nbsp; </TD>
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     <TD noWrap align=left width="24%" colSpan=3>&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Non-Interested Directors or Trustees</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>1</FONT></SUP></B>&nbsp; </TD>
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     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Richard E. Cavanagh</FONT></B>&nbsp; </TD>
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     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chairman</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee, Aircraft Finance Trust since 1999; Director, The Guardian Life</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Arch Chemical</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of the Board</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Insurance Company of America since 1998; Trustee, Educational</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(chemical and allied</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Director</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Testing Service since 1997; Director, The Fremont Group since 1996;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>products)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1946</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>or Trustee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Formerly President and Chief Executive Officer of The Conference</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Board, Inc. (global business research organization) from 1995 to</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Karen P. Robards</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vice Chair of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Partner of Robards &amp; Company, LLC, (financial advisory firm) since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>112 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>AtriCure, Inc.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Board,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1987; Co-founder and Director of the Cooke Center for Learning and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>109 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(medical devices);</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chair of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Development, (a not-for-profit organization) since 1987; Formerly</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Care Investment</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1950</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director of Enable Medical Corp. from 1996 to 2005; Formerly an</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trust, Inc. (health</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>investment banker at Morgan Stanley from 1976 to 1987.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>care REIT)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Director</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>or Trustee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>G. Nicholas Beckwith, III</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chairman and Chief Executive Officer, Arch Street Management, LLC</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>112 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>or Trustee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="49%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(Beckwith Family Foundation) and various Beckwith property companies 109 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>since 2005; Chairman of the Board of Directors, University of Pittsburgh</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1945</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Medical Center since 2002; Board of Directors, Shady Side Hospital</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Foundation since 1977; Board of Directors, Beckwith Institute for</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Innovation In Patient Care since 1991; Member, Advisory Council on</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Biology and Medicine, Brown University since 2002; Trustee, Claude</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Worthington Benedum Foundation (charitable foundation) since 1989;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Board of Trustees, Chatham University since 1981; Board of Trustees,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of Pittsburgh since 2002; Emeritus Trustee, Shady Side</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Academy since 1977; Formerly Chairman and Manager, Penn West</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Industrial Trucks LLC (sales, rental and servicing of material handling</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>equipment) from 2005 to 2007; Formerly Chairman, President and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chief Executive Officer, Beckwith Machinery Company (sales, rental</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and servicing of construction and equipment) from 1985 to 2005;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Formerly Board of Directors, National Retail Properties (REIT) from</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2006 to 2007.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Kent Dixon</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director or</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Consultant/Investor since 1988.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1937</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Frank J. Fabozzi</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director or</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Consultant/Editor of The Journal of Portfolio Management since 2006;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Professor in the Practice of Finance and Becton Fellow, Yale University,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>School of Management, since 2006; Formerly Adjunct Professor of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1948</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Finance and Becton Fellow, Yale University from 1994 to 2006.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Kathleen F. Feldstein</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>President of Economics Studies, Inc. (private economic consulting firm)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>The McClatchy</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>or Trustee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>since 1987; Chair, Board of Trustees, McLean Hospital from 2000</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Company</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>to 2008 and Trustee Emeritus thereof since 2008; Member of the</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(newspaper</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1941</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation of Partners Community Healthcare, Inc. since 2005;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>publishing)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of the Corporation of Partners HealthCare since 1995;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of the Corporation of Sherrill House (healthcare) since 1990;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee, Museum of Fine Arts, Boston since 1992; Member of the</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Visiting Committee to the Harvard University Art Museum since 2003;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee, The Committee for Economic Development (research organi-</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>zation) since 1990; Member of the Advisory Board to the International</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="98%" colSpan=11><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>School of Business, Brandeis University since 2002.</FONT> </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>46 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="73%" colSpan=7><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Officers and Directors or Trustees (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Length of</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Number of</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Time</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>BlackRock-</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Position(s)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Served as</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Advised Funds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Name, Address</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Held with</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>a Director</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Portfolios</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Public</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Year of Birth</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Funds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>or Trustee</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>2</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Principal Occupation(s) During Past 5 Years</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Overseen</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Directorships</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="13%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%" colSpan=5>&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Non-Interested Directors or Trustees</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>1 </FONT></SUP></B><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>(concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="33%" colSpan=5>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>James T. Flynn</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director or</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Formerly Chief Financial Officer of JP Morgan &amp; Co., Inc. from 1990</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>112 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>to 1995.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>109 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1939</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="13%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Jerrold B. Harris</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee, Ursinus College since 2000; Director, Troemner LLC (scientific</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>112 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock-Kelso</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>or Trustee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>equipment) since 2000.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>109 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Capital Corp.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1942</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="13%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>R. Glenn Hubbard</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Dean of Columbia Business School since 2004; Columbia faculty</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>113 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>ADP (data and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>or Trustee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>member since 1988; Formerly Co-Director of Columbia Business</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>110 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>information services),</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>School's Entrepreneurship Program from 1997 to 2004; Visiting</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>KKR Financial</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1958</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Professor at the John F. Kennedy School of Government at Harvard</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Corporation (finance),</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University and the Harvard Business School since 1985 and at the</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Duke Realty (real</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>University of Chicago since 1994; Formerly Chairman of the U.S.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>estate), Metropolitan</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Council of Economic Advisers under the President of the United</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Life Insurance Com-</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>States from 2001 to 2003.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>pany (insurance),</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Information Services</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Group (media/</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>technology)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="13%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>W. Carl Kester</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director or</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Mizuho Financial Group Professor of Finance, Harvard Business School.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>112 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Deputy Dean for Academic Affairs since 2006; Unit Head, Finance,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>109 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Harvard Business School, from 2005 to 2006; Senior Associate Dean</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1951</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Chairman of the MBA Program of Harvard Business School,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>from 1999 to 2005; Member of the faculty of Harvard Business</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>School since 1981; Independent Consultant since 1978.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="13%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Robert S. Salomon, Jr.</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director or</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Formerly Principal of STI Management LLC (investment adviser) from</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>112 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Trustee and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1994 to 2005.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>109 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Member of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1936</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Audit</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Committee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="70%" colSpan=7><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Directors or Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=9><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Following the combination of Merrill Lynch Investment Managers, L P (&#147;MLIM&#148;) and BlackRock, Inc. (&#147;BlackRock&#148;) in September 2006, the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=9>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>various legacy MLIM and legacy BlackRock Fund boards were realigned and consolidated into three new Fund boards in 2007. As a result,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=9>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>although the chart shows directors as joining the Fund&#146;s board in 2007, each director first became a member of the board of directors of other</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=9>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>legacy MLIM or legacy BlackRock Funds as follows: G. Nicholas Beckwith, III since 1999; Richard E. Cavanagh since 1994; Kent Dixon since</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="83%" colSpan=9>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1988; Frank J. Fabozzi since 1988; Kathleen F. Feldstein since 2005; James T. Flynn since 1996; Jerrold B. Harris since 1999; R. Glenn</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="70%" colSpan=7>&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Hubbard since 2004; W. Carl Kester since 1998; Karen . Robards since 1998 and Robert S. Salomon, Jr. since 1996.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="13%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="70%" colSpan=7>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%" colSpan=3>&nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Interested Directors or Trustees</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>3</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="23%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Richard S. Davis</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director, BlackRock, Inc. since 2005; Formerly Chief</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>185 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>or Trustee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Executive Officer, State Street Research &amp; Management Company</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>295 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>from 2000 to 2005; Formerly Chairman of the Board of Trustees,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1945</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>State Street Research Mutual Funds from 2000 to 2005; Formerly</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chairman, SSR Realty from 2000 to 2004.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="13%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Henry Gabbay</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Consultant, BlackRock, Inc. since 2007; Formerly Managing Director,</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>184 Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>None</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>or Trustee</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>294 Portfolios</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer, BlackRock Advisors, LLC from 1998 to 2007; Formerly President</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1947</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>of BlackRock Funds and BlackRock Bond Allocation Target Shares from</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2005 to 2007; Formerly Treasurer of certain closed-end funds in the</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="38%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock fund complex from 1989 to 2006.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="13%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="38%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="10%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="11%">
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>3</FONT></SUP>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Messrs. Davis and Gabbay are both &#147;interested persons,&#148; as defined in the Investment Company Act of 1940, of the Funds based on their positions with BlackRock, Inc. and its affiliates. Directors serve until their resignation, removal or death, or until December 31 of the year in which they turn 72.</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>47</FONT></TD></TR></TABLE></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_48"></A>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="67%" colSpan=9><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Officers and Directors or Trustees (concluded)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Position(s)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Name, Address</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Held with</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Length of</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>and Year of Birth</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Funds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Time Served</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Principal Occupation(s) During Past 5 Years</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="30%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Fund Officers</FONT></B><B><SUP><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>1</FONT></SUP></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Donald C. Burke</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director of BlackRock, Inc. since 2006; Formerly Managing Director of Merrill Lynch Investment</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>President</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managers, LP (&#147;MLIM&#148;) and Fund Asset Management, LP</FONT> <FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>(&#147;FAM&#148;) in 2006; First Vice President thereof from</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and Chief</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1997 to 2005; Treasurer thereof from 1999 to 2006 and Vice President thereof from 1990 to 1997.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1960</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Executive</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Anne F. Ackerley</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Vice</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director of BlackRock, Inc. since 2000; Chief Operating Officer of BlackRock&#146;s U.S. Retail Group since</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>President</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>2006; Head of BlackRock&#146;s Mutual Fund Group from 2000 to 2006; Merrill Lynch &amp; Co., Inc. from 1984 to 1986</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>and from 1988 to 2000, most recently as First Vice President and Operating Officer of the Mergers and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1962</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Acquisitions Group.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="30%" colSpan=3>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Neal J. Andrews</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chief</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director of BlackRock, Inc. since 2006; Formerly Senior Vice President and Line of Business Head of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Financial</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. (formerly PFPC Inc.) from</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1992 to 2006.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1966</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Jay M. Fife</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Treasurer</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director of BlackRock, Inc. since 2007 and Director in 2006; Formerly Assistant Treasurer of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>MLIM/FAM advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1970</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Brian P. Kindelan</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chief</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Chief Compliance Officer of the BlackRock-advised Funds since 2007; Anti-Money Laundering Officer of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Compliance</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>BlackRock-advised Funds since 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officer of</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Director and Senior Counsel ofBlackRock Advisors, Inc. from 2001 to 2004 and Vice President and Senior Counsel</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1959</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>the Funds</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>thereof from 1998 to 2000; Formerly Senior Counsel of The PNC Bank Corp. from 1995 to 1998.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="60%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=1>Howard Surloff</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Secretary</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Since 2007</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Managing Director of BlackRock, Inc. and General Counsel of U.S. Funds at BlackRock, Inc. since 2006; Formerly</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>40 East 52nd Street</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=5><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>General Counsel (U.S.) of Goldman Sachs Asset Management, L from 1993 to 2006.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>New York, NY 10022</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1965</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="8%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="9%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="19%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="51%" colSpan=7><SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>1 </FONT></SUP><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>Officers of the Funds serve at the pleasure of the Board of Directors or Trustees.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="14%">
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="51%" colSpan=7>
<HR noShade SIZE=1>
</TD>
     <TD width="2%">&nbsp; </TD>
     <TD width="28%">
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>For All Funds</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Accounting Agent</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Independent Registered Public</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Legal Counsel</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>State Street Bank and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Accounting Firm</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="49%" colSpan=3><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Skadden, Arps, Slate Meagher &amp; Flom </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>LLP</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Trust Company</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Deloitte &amp; Touche </FONT><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=1>LLP</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>New York, NY 10036</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Princeton, NJ 08540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Princeton, NJ 08540</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="35%" colSpan=5><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="49%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Florida Insured Fund</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Custodian</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Transfer Agents</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="49%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>State Street Bank and</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Common Shares:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="49%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Trust Company</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Computershare Trust</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Custodian</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif size=2>Transfer Agents</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Boston, MA 02101</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Company, N.A.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Bank of New York Mellon</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Common Shares and</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Providence, RI 02940</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>New York, NY 10286</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares:</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares:</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BNY Mellon Shareowner Services</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="30%" colSpan=5>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BNY Mellon Shareowner Services</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Jersey City, NJ 07310</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Jersey City, NJ 07310</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>48 ANNUAL REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>JULY 31, 2008</FONT></TD></TR></TABLE></P>
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<FONT color="#0035c4" size=4 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">Additional Information</FONT><BR>
<BR>
<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Dividend Policy</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Funds dividend policy is to distribute all or a portion of their net</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">investment income to their shareholders on a monthly basis. In order to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">provide shareholders with a more stable level of dividend distributions,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Funds may at times pay out less than the entire amount of net invest-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ment income earned in any particular month and may at times in any</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">particular month pay out such accumulated but undistributed income in</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">addition to net investment income earned in that month. As a result, the</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">dividends paid by the Funds for any particular month may be more or</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">less than the amount of net investment income earned by the Funds </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">during such month. The Funds&#146; current accumulated but undistributed </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">net investment income, if any, is disclosed in the Statements of Assets</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and Liabilities, which comprises part of the financial information included</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">in this report.</FONT></TD></TR></TABLE>
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<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Fund Certification</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Funds are listed for trading on the New York Stock Exchange (&#147;NYSE&#148;)</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">and have filed with the NYSE their annual chief executive officer certifica-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tion regarding compliance with the NYSE&#146;s listing standards. Each Fund</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">filed with the Securities and Exchange Commission (&#147;SEC&#148;) the certifica-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tion of their chief executive officer and chief financial officer required by</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">section 302 of the Sabanes-Oxley Act.</FONT></TD></TR></TABLE>
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<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Availability of Quarterly Schedule of Investments</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Funds file their complete schedule of portfolio holdings with the SEC</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">for the first and third quarters of each fiscal year on Form N-Q. The Funds&#146;</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Forms N-Q are available on the SEC&#146;s website at http://www.sec.gov and</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">may also be reviewed and copied at the SEC&#146;s Public Reference Room</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">in Washington, DC. Information on the operation of the Public Reference</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Room may be obtained by calling (800) SEC-0330. The Funds&#146; Forms </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">N-Q may also be obtained upon request and without charge by calling</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(800) 441-7762.</FONT></TD></TR></TABLE>
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<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">Electronic Delivery</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Electronic copies of most financial reports are available on the Funds&#146;</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">websites or shareholders can sign up for e-mail notifications of quarterly</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">statements, annual and semi-annual reports by enrolling in the Funds&#146;</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">electronic delivery program.</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">Shareholders Who Hold Accounts with Investment Advisors, Banks </FONT></B><BR>
<B><FONT size=2 face="FranklinGothic-MedCnd,Arial,Helvetica,sans-serif">or Brokerages:</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Please contact your financial advisor to enroll. Please note that not all</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">investment advisors, banks or brokerages may offer this service.</FONT></TD></TR></TABLE>
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<B><FONT color="#0035c4" size=1 face="FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif">General Information</FONT></B><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Funds do not make available copies of their Statements of Additional</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Information because the Funds&#146; shares are not continuously offered,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">which means that the Statements of Additional Information of the Funds</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">have not been updated after completion of the Funds&#146; offering and the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">information contained in the Funds&#146; Statements of Additional Information</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">may have become outdated.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">During the period, there were no material changes in the Funds&#146; invest-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ment objectives or policies or to the Funds&#146; charters or by-laws that were</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">not approved by the shareholders or in the principal risk factors associ-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">ated with investment in the Funds. There have been no changes in the</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">persons who are primarily responsible for the day-to-day management of</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">the Funds&#146; portfolios.</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">The Funds will mail only one copy of shareholder documents, including</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">annual and semi-annual reports and proxy statements, to shareholders </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">with multiple accounts at the same address. This practice is commonly</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">called &#147;householding&#148; and it is intended to reduce expenses and elimi-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">nate duplicate mailings of shareholder documents. Mailings of your</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">shareholder documents may be householded indefinitely unless you</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">instruct us otherwise. If you do not want the mailing of these documents</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">to be combined with those for other members of your household, please</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">contact the Funds at (800) 441-7762.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Quarterly performance, semi-annual and annual reports and other </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">information regarding the Funds may be found on BlackRock&#146;s website,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">which can be accessed at http://www.blackrock.com. This reference </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">to BlackRock&#146;s website is intended to allow investors public access to</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">information regarding the Funds and does not, and is not intended to,</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">incorporate BlackRock&#146;s website into this report.</FONT></TD></TR></TABLE>
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<FONT size=1 face="FranklinGothic-Book,Arial,Helvetica,sans-serif">ANNUAL REPORT JULY 31, 2008 49</FONT></P>

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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#0035c4 size=4>Additional Information (concluded)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Deposit Securities</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Effective May 30, 2008, following approval by the Funds&#146; Boards and the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>applicable ratings agencies, the definition of &#147;Deposit Securities&#148; in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Funds&#146; Articles Supplementary/Certificate of Designation was amended</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>as follows in order to facilitate the redemption of the Funds&#146; Preferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Shares. The following phrase was added to the definition of &#147;Deposit</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Securities&#148; found in the Funds&#146; Articles Supplementary/Certificate </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>of Designation:</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>; provided, however, that solely in connection with any redemption of</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares, the term Deposit Securities shall include (i) any</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>committed financing pursuant to a credit agreement, reverse repur-</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>chase agreement facility or similar credit arrangement, in each case</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>which makes available to the Fund, no later than the day preceding</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the applicable redemption date, cash in an amount not less than the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>aggregate amount due to Holders by reason of the redemption of their</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Preferred Shares on such redemption date; and (ii) cash amounts</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>due and payable to the Corporation out of a sale of its securities if</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>such cash amount is not less than the aggregate amount due to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Holders by reason of the redemption of their Preferred Shares on </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>such redemption date and such sale will be settled not later than </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the day preceding the applicable redemption date.</FONT></TD></TR></TABLE></P>
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     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>BlackRock Privacy Principles</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock is committed to maintaining the privacy of its current and </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>former fund investors and individual clients (collectively, &#147;Clients&#148;) and to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>safeguarding their non-public personal information. The following infor-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>mation is provided to help you understand what personal information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock collects, how we protect that information and why in certain</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>cases we share such information with select parties.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>If you are located in a jurisdiction where specific laws, rules or regulations </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>require BlackRock to provide you with additional or different privacy-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>related rights beyond what is set forth below, then BlackRock will comply</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>with those specific laws, rules or regulations.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock obtains or verifies personal non-public information from and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>about you from different sources, including the following: (i) information</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>we receive from you or, if applicable, your financial intermediary, on appli-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>cations, forms or other documents; (ii) information about your transac-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>tions with us, our affiliates, or others; (iii) information we receive from a</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>consumer reporting agency; and (iv) from visits to our websites.</FONT></TD></TR></TABLE></P>
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<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>BlackRock does not sell or disclose to non-affiliated third parties any non-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>public personal information about its Clients, except as permitted by law </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>or as is necessary to respond to regulatory requests or to service Client</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>accounts. These non-affiliated third parties are required to protect the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>confidentiality and security of this information and to use it only for its</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>intended purpose.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>We may share information with our affiliates to service your account or to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>provide you with information about other BlackRock products or services</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>that may be of interest to you. In addition, BlackRock restricts access to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>non-public personal information about its Clients to those BlackRock</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>employees with a legitimate business need for the information. BlackRock</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>maintains physical, electronic and procedural safeguards that are</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>designed to protect the non-public personal information of its Clients,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>including procedures relating to the proper storage and disposal of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>such information.</FONT></TD></TR></TABLE></P>
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<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#0035c4 size=1>Proxy Voting Policy</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>The Boards of the Funds have delegated the voting of proxies for Fund</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>securities to the Advisor pursuant to the Advisor&#146;s proxy voting guidelines.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Under these guidelines, the Advisor will vote proxies related to Fund secu-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>rities in the best interests of each Fund and its stockholders. From time to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>time, a vote may present a conflict between the interests of the Funds&#146;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>stockholders, on the one hand, and those of the Advisor, or any affiliated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>person of the Funds or the Advisor, on the other. In such event, provided</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>that the Advisor&#146;s Equity Investment Policy Oversight Committee, or a sub-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>committee thereof (the &#147;Committee&#148;) is aware of the real or potential</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>conflict or material non-routine matter and if the Committee does not</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>reasonably believe it is able to follow its general voting guidelines (or if</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>the particular proxy matter is not addressed in the guidelines) and vote</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>impartially, the Committee may retain an independent fiduciary to </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>advise the Committee on how to vote or to cast votes on behalf of the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Advisor&#146;s clients. If the Advisor determines not to retain an independent</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>fiduciary, or does not desire to follow the advice of such independent</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>fiduciary, the Committee shall determine how to vote the proxy after </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>consulting with the Advisor&#146;s Portfolio Management Group and/or the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>Advisor&#146;s Legal and Compliance Department and concluding that the vote</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif size=2>is in its client&#146;s best interest notwithstanding the conflict.</FONT></TD></TR></TABLE></P>
<P align=left><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif size=1>50 ANNUAL REPORT JULY 31, 2008</FONT></P>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">This report is transmitted to shareholders only. It is not a prospec-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">tus. Past performance results shown in this report should not be</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">considered a representation of future performance. The Funds have</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">leveraged their Common Shares, which creates risks for Common</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Shareholders, including the likelihood of greater volatility of net</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">asset value and market price of the Common Shares, and the risk</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">that fluctuations in the short-term dividend rates of the Preferred</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Shares, currently set at the maximum reset rate as a result of </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">failed auctions, may affect the yield to Common Shareholders.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Statements and other information herein are as dated and are </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">subject to change.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">A description of the policies and procedures that the Funds use </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">to determine how to vote proxies relating to portfolio securities </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">is available (1) without charge, upon request, by calling toll-free </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(800) 441-7762; (2) at www.blackrock.com; and (3) on the Secu-</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">rities and Exchange Commission&#146;s website at http://www.sec.gov.</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Information about how the Funds voted proxies relating to securities</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">held in the Funds&#146; portfolios during the most recent 12-month </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">period ended June 30 is available upon request and without charge</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(1) at www.blackrock.com or by calling (800) 441-7762 and </FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">(2) on the Securities and Exchange Commission&#146;s website at</FONT><BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">http://www.sec.gov.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Florida Insured Fund</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Michigan Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">100 Bellevue Parkway</FONT><BR>
<BR>
<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">Wilmington, DE 19809</FONT></TD></TR></TABLE>
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<FONT size=2 face="FranklinGothic-BookCnd,Arial,Helvetica,sans-serif">#MY4-7/08</FONT></P>

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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Code of Ethics &#150; The registrant (or the &#147;Fund&#148;) has adopted a code of ethics, as of the end </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the period covered by this report, applicable to the registrant&#146;s principal executive officer, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">principal financial officer and principal accounting officer, or persons performing similar </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions. During the period covered by this report, there have been no amendments to or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">waivers granted under the code of ethics. A copy of the code of ethics is available without </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">charge at www.blackrock.com.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Audit Committee Financial Expert &#150; The registrant&#146;s board of directors or trustees, as </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">applicable (the &#147;board of directors&#148;) has determined that (i) the registrant has the following </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">audit committee financial experts serving on its audit committee and (ii) each audit </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">committee financial expert is independent: </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald W. Burton (term ended effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Kent Dixon (term began effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Frank J. Fabozzi (term began effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">James T. Flynn (term began effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">W. Carl Kester (term began effective November 1, 2007) </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John F. O&#146;Brien (term ended effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Karen P. Robards (term began effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Robert S. Salomon, Jr. (term began effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">David H. Walsh (term ended effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fred G. Weiss (term ended effective November 1, 2007)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The registrant&#146;s board of directors has determined that W. Carl Kester and Karen P. Robards </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Prof. Kester has a thorough understanding of generally accepted accounting principles, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial statements and internal control over financial reporting as well as audit committee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions. Prof. Kester has been involved in providing valuation and other financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consulting services to corporate clients since 1978. Prof. Kester&#146;s financial consulting </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">services present a breadth and level of complexity of accounting issues that are generally </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">comparable to the breadth and complexity of issues that can reasonably be expected to be </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">raised by the registrant&#146;s financial statements.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Ms. Robards has a thorough understanding of generally accepted accounting principles, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial statements and internal control over financial reporting as well as audit committee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions. Ms. Robards has been President of Robards &amp; Company, a financial advisory </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">where she was responsible for evaluating and assessing the performance of companies based </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">on their financial results. Ms. Robards has over 30 years of experience analyzing financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">statements. She also is a member of the audit committee of one publicly held company and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a non-profit organization.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Under applicable securities laws, a person determined to be an audit committee financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">expert will not be deemed an &#147;expert&#148; for any purpose, including without limitation for the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">purposes of Section 11 of the Securities Act of 1933, as a result of being designated or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">identified as an audit committee financial expert. The designation or identification as an </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">audit committee financial expert does not impose on such person any duties, obligations, or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">liabilities greater than the duties, obligations, and liabilities imposed on such person as a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">member of the audit committee and board of directors in the absence of such designation or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">identification.</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 4 &#150; Principal Accountant Fees and Services</FONT></TD></TR></TABLE>
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	<TD align=left width=12% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=21% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(a) Audit Fees</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap colspan=3>
 &nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(b) Audit-Related Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">1</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=18% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(c) Tax Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2</FONT></SUP></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=17% nowrap colspan=3>
 &nbsp; &nbsp; &nbsp;<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(d) All Other Fees</FONT></B><B><SUP><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">3</FONT></SUP></B>&nbsp;
	</TD>
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	<TD>&nbsp;
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&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></U></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></U></B>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></U></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></U></B>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></U></B>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></U></B>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current</FONT></U></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous</FONT></U></B>&nbsp;
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&nbsp;
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&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></U></B>&nbsp;
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&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></U></B>&nbsp;
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&nbsp;	</TD>
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<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></U></B>&nbsp;
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&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></U></B>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></U></B>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></U></B>&nbsp;
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&nbsp;	</TD>
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<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></U></B>&nbsp;
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&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Fiscal Year</FONT></U></B>&nbsp;
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 &nbsp; &nbsp; &nbsp;<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Entity Name</FONT></U></B>&nbsp;
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<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></U></B>&nbsp;
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<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></U></B>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
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<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></U></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></U></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></U></B>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></U></B>&nbsp;
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&nbsp;	</TD>
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<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></U></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></U></B>&nbsp;
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<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock</FONT>&nbsp;
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	<TD align=left width=10% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
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&nbsp;
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&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
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	<TD align=left width=8% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
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	<TD align=left width=12% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniYield</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=9% nowrap>
&nbsp;
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&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
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	<TD align=left width=8% nowrap>
&nbsp;
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	<TD align=left width=8% nowrap>
&nbsp;
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&nbsp;
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&nbsp;
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&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
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<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pennsylvania</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;25,900</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=9% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;51,350</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;3,500</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;3,500</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;6,100</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;6,100</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;1,049</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;1,042</FONT>&nbsp;
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	<TD align=left width=12% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Insured Fund</FONT>&nbsp;
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&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1 The nature of the services include assurance and related services reasonably related to the performance of the audit of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial statements not included in Audit Fees. </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2 The nature of the services include tax compliance, tax advice and tax planning.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3 The nature of the services include a review of compliance procedures and attestation thereto.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(e)(1) Audit Committee Pre-Approval Policies and Procedures:</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The registrant&#146;s audit committee (the &#147;Committee&#148;) has adopted policies and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures with regard to the pre-approval of services. Audit, audit-related and tax </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compliance services provided to the registrant on an annual basis require specific pre-</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">approval by the Committee. The Committee also must approve other non-audit services </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">provided to the registrant and those non-audit services provided to the registrant&#146;s affiliated </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">service providers that relate directly to the operations and the financial reporting of the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant. Certain of these non-audit services that the Committee believes are a) consistent </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">with the SEC&#146;s auditor independence rules and b) routine and recurring services that will </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not impair the independence of the independent accountants may be approved by the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Committee without consideration on a specific case-by-case basis (&#147;general pre-approval&#148;).</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The term of any general pre-approval is 12 months from the date of the pre-approval, unless </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Committee provides for a different period. Tax or other non-audit services provided to </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the registrant which have a direct impact on the operation or financial reporting of the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant will only be deemed pre-approved provided that any individual project does not </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">exceed &#36;10,000 attributable to the registrant or &#36;50,000 for all of the registrants the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Committee oversees. For this purpose, multiple projects will be aggregated to determine if </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">they exceed the previously mentioned cost levels. </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Any proposed services exceeding the pre-approved cost levels will require specific </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">pre-approval by the Committee, as will any other services not subject to general pre-</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">approval (e.g., unanticipated but permissible services). The Committee is informed of each </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">service approved subject to general pre-approval at the next regularly scheduled in-person </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">board meeting. At this meeting, an analysis of such services is presented to the Committee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">for ratification. The Committee may delegate to one or more of its members the authority to </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">approve the provision of and fees for any specific engagement of permitted non-audit </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">services, including services exceeding pre-approved cost levels.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(e)(2) None of the services described in each of Items 4(b) through (d) were approved by </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(f) Not Applicable</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(g) </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Affiliates&#146; Aggregate Non-Audit Fees:</FONT></U></TD></TR></TABLE>
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<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Current Fiscal Year</FONT></U></B>&nbsp;
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<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Previous Fiscal Year</FONT></U></B>&nbsp;
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	<TD align=left width=35% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Entity Name</FONT></U></B>&nbsp;
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<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></U></B>&nbsp;
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<B><U><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">End</FONT></U></B>&nbsp;
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<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield</FONT>&nbsp;
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<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;298,149</FONT>&nbsp;
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&nbsp;	</TD>
	<TD align=center width=27% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;295,142</FONT>&nbsp;
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<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pennsylvania Insured Fund</FONT>&nbsp;
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(h) The registrant&#146;s audit committee has considered and determined that the provision of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">non-audit services that were rendered to the registrant&#146;s investment adviser (not including </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">any non-affiliated sub-adviser whose role is primarily portfolio management and is </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">subcontracted with or overseen by the registrant&#146;s investment adviser), and any entity </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">controlling, controlled by, or under common control with the investment adviser that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">provides ongoing services to the registrant that were not pre-approved pursuant to paragraph </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accountant&#146;s independence. </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Regulation S-X Rule 2-01(c)(7)(ii) &#150; &#36;287,500, 0%</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 5 &#150; Audit Committee of Listed Registrants &#150; The following individuals are members of the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant&#146;s separately-designated standing audit committee established in accordance with </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald W. Burton (term ended effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Kent Dixon (term began effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Frank J. Fabozzi (term began effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">James T. Flynn (term began effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">W. Carl Kester (term began effective November 1, 2007) </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John F. O&#146;Brien (term ended effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Karen P. Robards (term began effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Robert S. Salomon, Jr. (term began effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">David H. Walsh (term ended effective November 1, 2007)</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fred G. Weiss (term ended effective November 1, 2007)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 6 &#150; Investments </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) The registrant&#146;s Schedule of Investments is included as part of the Report to </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stockholders filed under Item 1 of this form.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) Not Applicable due to no such divestments during the semi-annual period covered since </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the previous Form N-CSR filing.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 7 &#150; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Companies &#150; The Board of Directors of the Fund has delegated the voting of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">proxies for the Fund securities to the Investment Adviser pursuant to the Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Adviser&#146;s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">proxies related to Fund securities in the best interests of the Fund and its stockholders. From </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">time to time, a vote may present a conflict between the interests of the Fund&#146;s stockholders, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Investment Adviser, on the other. In such event, provided that the Investment Adviser&#146;s </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Equity Investment Policy Oversight Committee, or a sub-committee thereof (the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;Committee&#148;) is aware of the real or potential conflict or material non-routine matter and if </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Committee does not reasonably believe it is able to follow its general voting guidelines </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Committee may retain an independent fiduciary to advise the Committee on how to vote or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">to cast votes on behalf of the Investment Adviser&#146;s clients. If the Investment Adviser </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">determines not to retain an independent fiduciary, or does not desire to follow the advice of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">such independent fiduciary, the Committee shall determine how to vote the proxy after </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consulting with the Investment Adviser&#146;s Portfolio Management Group and/or the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Adviser&#146;s Legal and Compliance Department and concluding that the vote cast </FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">is in its client&#146;s best interest notwithstanding the conflict. A copy of the Fund&#146;s Proxy </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL. Information on how </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Fund voted proxies relating to portfolio securities during the most recent 12-month </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">SEC&#146;s website at </FONT><U><FONT color="#0000ff" size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">http://www.sec.gov</FONT></U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 8 &#150; Portfolio Managers of Closed-End Management Investment Companies &#150; as of July 31, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2008.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(1) BlackRock Investment Quality Municipal Income Trust is managed by a team of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment professionals comprised of William R. Bock, Theodore R. Jaeckel and Walter </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">O&#146;Connor. Each is a member of BlackRock&#146;s municipal tax-exempt management group. </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Each is jointly responsible for the day-to-day management of the Fund&#146;s portfolio, which </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">includes setting the Fund&#146;s overall investment strategy, overseeing the management of the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund and/or selection of its investments. Messrs. Jaeckel and O&#146;Connor have been members </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the Fund&#146;s management team since 2006. Mr. Bock has been a member of the Fund&#146;s </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">management team since 1997.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mr. Jaeckel joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Director (Municipal Tax-Exempt Fund Management) of Merrill Lynch Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Managers, L.P. (&#147;MLIM&#148;) from 2005 to 2006 and a Director of MLIM from 1997 to 2005. </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">He has been a portfolio manager with BlackRock or MLIM since 1991. </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mr. O&#146;Connor joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Director (Municipal Tax-Exempt Fund Management) of MLIM from 2003 to 2006 and was </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a Director of MLIM from 1997 to 2002. He has been a portfolio manager with BlackRock or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MLIM since 1991.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mr. Bock joined BlackRock in 2006. Prior to joining BlackRock, he was a Director </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Municipal Tax-Exempt Fund Management) of MLIM from 2005 to 2006. He has been </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a portfolio manager with BlackRock or MLIM since 1989.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(2) As of July 31, 2008:</FONT></TD></TR></TABLE>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=40% nowrap colspan=5>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Number of Other Accounts Managed</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=35% nowrap colspan=5>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Number of Other Accounts and</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=30% nowrap colspan=3>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">and Assets by Account Type</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=35% nowrap colspan=5>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Assets for Which Advisory Fee is</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=10% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Performance-Based</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
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	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other Pooled</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other Pooled</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=19% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Name of</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Registered</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Registered</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width=19% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Vehicles</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Accounts</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Vehicles</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Accounts</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Companies</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Companies</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
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	<TD>&nbsp;
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	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">William R. Bock</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;1.45 Billion</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Theodore R. Jaeckel, Jr.</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">81</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;19.33 Billion</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Walter O&#146;Connor</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">81</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=19% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;19.33 Billion</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=8% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=10% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=7% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#36;0</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>&nbsp;
	</TD>
	<TD>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> (iv) Potential Material Conflicts of Interest </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, Inc. and its affiliates (collectively, herein &#147;BlackRock&#148;) has built a professional </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">working environment, firm-wide compliance culture and compliance procedures and </FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">systems designed to protect against potential incentives that may favor one account over </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">another. BlackRock has adopted policies and procedures that address the allocation of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment opportunities, execution of portfolio transactions, personal trading by employees </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and other potential conflicts of interest that are designed to ensure that all client accounts are</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">treated equitably over time. Nevertheless, BlackRock furnishes investment management and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">advisory services to numerous clients in addition to the Fund, and BlackRock may, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consistent with applicable law, make investment recommendations to other clients or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accounts (including accounts which are hedge funds or have performance or higher fees </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">such fees), which may be the same as or different from those made for the Fund. In </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">addition, BlackRock, its affiliates and any officer, director, stockholder or employee may or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">may not have an interest in the securities whose purchase and sale BlackRock recommends </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">to the Fund. BlackRock, or any of its affiliates, or any officer, director, stockholder, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">employee or any member of their families may take different actions than those </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">recommended to the Fund by BlackRock with respect to the same securities. Moreover, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock may refrain from rendering any advice or services concerning securities of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">companies of which any of BlackRock&#146;s (or its affiliates&#146;) officers, directors or employees </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">are directors or officers, or companies as to which BlackRock or any of its affiliates or the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">officers, directors or employees of any of them has any substantial economic interest or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">possesses material non-public information. Each portfolio manager also may manage </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accounts whose investment strategies may at times be opposed to the strategy utilized for a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fund. In this regard, it should be noted that a portfolio manager may currently manage </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">certain accounts that are subject to performance fees. In addition, a portfolio manager may </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">assist in managing certain hedge funds and may be entitled to receive a portion of any </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">incentive fees earned on such funds and a portion of such incentive fees may be voluntarily </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or involuntarily deferred. Additional portfolio managers may in the future manage other </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">such accounts or funds and may be entitled to receive incentive fees.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fairly. When BlackRock purchases or sells securities for more than one account, the trades </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">allocate investments in a fair and equitable manner among client accounts, with no account </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">receiving preferential treatment. To this end, BlackRock has adopted a policy that is </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">intended to ensure that investment opportunities are allocated fairly and equitably among </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">client accounts over time. This policy also seeks to achieve reasonable efficiency in client </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">transactions and provide</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock with sufficient flexibility to allocate investments in a manner that is consistent</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">with the particular investment discipline and client base.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(3) As of July 31, 2008: </FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager Compensation Overview</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s financial arrangements with its portfolio managers, its competitive </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation and its career path emphasis at all levels reflect the value senior management </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">places on key resources. Compensation may include a variety of components and may vary </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">from year to year based on a number of factors. The principal components of compensation </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">include a base salary, a performance-based discretionary bonus, participation in various </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">benefits programs and one or more of the incentive compensation programs established by </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock such as its Long-Term Retention and Incentive Plan.</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Base compensation. </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Generally, portfolio managers receive base compensation based on </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">their seniority and/or their position with the firm. Senior portfolio managers who perform </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">additional management functions within the portfolio management group or within </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock may receive additional compensation for serving in these other capacities.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Discretionary Incentive Compensation</FONT></B><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Discretionary incentive compensation is a function of several components: the performance </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of BlackRock, Inc., the performance of the portfolio manager&#146;s group within BlackRock, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investment performance, including risk-adjusted returns, of the firm&#146;s assets under </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">management or supervision by that portfolio manager relative to predetermined </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">benchmarks, and the individual&#146;s seniority, role within the portfolio management team, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">teamwork and contribution to the overall performance of these portfolios and BlackRock.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In most cases, including for the portfolio managers of the Fund, these benchmarks are the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">same as the benchmark or benchmarks against which the performance of the Fund or other </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accounts managed by the portfolio managers are measured. BlackRock&#146;s Chief Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Officers determine the benchmarks against which the performance of funds and other </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accounts managed by each portfolio manager is compared and the period of time over which</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performance is evaluated. With respect to the portfolio managers, such benchmarks for the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund include a combination of market-based indices (e.g. Lehman Brothers Municipal Bond</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Index), certain customized indices and certain fund industry peer groups.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s Chief Investment Officers make a subjective determination with respect to the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio managers&#146; compensation based on the performance of the funds and other accounts</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">managed by each portfolio manager relative to the various benchmarks noted above.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Performance is measured on both a pre-tax and after-tax basis over various time periods </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">including 1, 3, 5 and 10-year periods, as applicable.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Distribution of Discretionary Incentive Compensation</FONT></B><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Discretionary incentive compensation is distributed to portfolio managers in a combination </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">years. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">salary, represents more than 60% of total compensation for the portfolio managers. Paying </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">given year &#147;at risk&#148; based on BlackRock&#146;s ability to sustain and improve its performance </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over future periods.</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Long-Term Retention and Incentive Plan (&#147;LTIP&#148;) &#151; </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The LTIP is a long-term
</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">incentive plan that seeks to reward certain key employees. Beginning in 2006, awards are </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">granted under the LTIP in the form of BlackRock, Inc. restricted stock units that, if properly </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">vested and subject to the attainment of certain performance goals, will be settled in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, Inc. common stock. Each portfolio manager except Mr. Bock has received </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">awards under the LTIP.</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Deferred Compensation Program &#151; </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">A portion of the compensation paid to eligible </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock employees may be voluntarily deferred into an account that tracks the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performance of certain of the firm&#146;s investment products. Each participant in the deferred </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation program is permitted to allocate his deferred amounts among the various </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment options. Each portfolio manager has participated in the deferred compensation </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">program. </FONT></TD></TR></TABLE>
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other compensation benefits. </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In addition to base compensation and discretionary </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">incentive compensation, portfolio managers may be eligible to receive or participate in one </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">or more of the following:</FONT><BR>
<BR>
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Incentive Savings Plans &#151;</FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> BlackRock, Inc. has created a variety of incentive </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">savings plans in which BlackRock employees are eligible to participate, including a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">company match equal to 50% of the first 6% of eligible pay contributed to the plan capped </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">at &#36;4,000 per year, and a company retirement contribution equal to 3% of eligible </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation, plus an additional contribution of 2% for any year in which BlackRock has </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">positive net operating income. The RSP offers a range of investment options, including </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registered investment companies managed by the firm. BlackRock contributions follow the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment direction set by participants for their own contributions or, absent employee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment direction, are invested into a balanced portfolio. The ESPP allows for </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment in BlackRock common stock at a 5% discount on the fair market value of the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">stock on the purchase date. Annual participation in the ESPP is limited to the purchase of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,000 shares or a dollar value of &#36;25,000. Each portfolio manager is eligible to participate </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in these plans.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(4) </FONT><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Beneficial Ownership of Securities. </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">As of July 31, 2008, none of Messrs. Bock, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Jaeckel or O&#146;Connor beneficially owned any stock issued by the Fund.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 9 &#150; Purchases of Equity Securities by Closed-End Management Investment Company and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Affiliated Purchasers &#150; Not Applicable due to no such purchases during the period covered </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">by this report.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 10 &#150; Submission of Matters to a Vote of Security Holders &#150; The registrant&#146;s Nominating and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Governance Committee will consider nominees to the board of directors recommended by </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">shareholders when a vacancy becomes available. Shareholders who wish to recommend a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nominee should send nominations that include biographical information and set forth the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">qualifications of the proposed nominee to the registrant&#146;s Secretary. There have been no </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material changes to these procedures. </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 11 &#150; Controls and Procedures</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11(a) &#150; The registrant&#146;s principal executive and principal financial officers or persons performing </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant&#146;s disclosure controls and procedures (as </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">11(b) &#150; There were no changes in the registrant&#146;s internal control over financial reporting (as </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the period covered by this report that have materially affected, or are reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant&#146;s internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 12 &#150; Exhibits attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(a)(1) &#150; Code of Ethics &#150; See Item 2</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(a)(2) &#150; Certifications &#150; Attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(a)(3) &#150; Not Applicable</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">12(b) &#150; Certifications &#150; Attached hereto</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the undersigned, thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 19, 2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 19, 2008</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 19, 2008</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99. CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock MuniYield Pennsylvania Insured </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund, certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-CSR of BlackRock MuniYield Pennsylvania Insured Fund;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report; </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the financial statements, and other financial information included in this report fairly </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">committees of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant&#146;s internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 19, 2008</FONT><BR>
<BR>
<I><U><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">/s/</FONT></U></I><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99. CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniYield </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pennsylvania Insured Fund, certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-CSR of BlackRock MuniYield Pennsylvania Insured Fund;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">omit to state a material fact necessary to make the statements made, in light of the circumstances under </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which such statements were made, not misleading with respect to the period covered by this report; </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the financial statements, and other financial information included in this </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report fairly present in all material respects the financial condition, results of operations, changes in net </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant as of, and for, the periods presented in this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures to be designed under our supervision, to ensure that material information relating to the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">registrant, including its consolidated subsidiaries, is made known to us by others within those </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">entities, particularly during the period in which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over financial reporting to be designed under our supervision, to provide reasonable assurance </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">regarding the reliability of financial reporting and the preparation of financial statements for </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">external purposes in accordance with generally accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">presented in this report our conclusions about the effectiveness of the disclosure controls and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures, as of a date within 90 days prior to the filing date of this report, based on such </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting that occurred during the second fiscal quarter of the period covered by this report that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">audit committees of the registrant&#146;s board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">ability to record, process, summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">have a significant role in the registrant&#146;s internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 19, 2008</FONT></TD></TR></TABLE>
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<I><U><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">/s/</FONT></U></I><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT></TD></TR></TABLE>
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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>mpasec906.htm
<DESCRIPTION>CERTIFICATION
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exhibit 99.1350CERT</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Certification Pursuant to Rule 30a-2(b) under the 1940 Act and </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Section 906 of the Sarbanes Oxley Act</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock MuniYield Pennsylvania Insured Fund</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(the &#147;Registrant&#148;), hereby certifies, to the best of his knowledge, that the Registrant&#146;s Report on Form N-</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">CSR for the period ended July 31, 2008, (the &#147;Report&#148;) fully complies with the requirements of Section </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 19, 2008</FONT><BR>
<BR>
<I><U><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">/s/</FONT></U></I><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock MuniYield Pennsylvania Insured Fund</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(the &#147;Registrant&#148;), hereby certifies, to the best of his knowledge, that the Registrant&#146;s Report on Form N-</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">CSR for the period ended July 31, 2008, (the &#147;Report&#148;) fully complies with the requirements of Section </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: September 19, 2008</FONT><BR>
<BR>
<I><U><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">/s/</FONT></U></I><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Insured Fund</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Securities and Exchange Commission</FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">.</FONT></B></TD></TR></TABLE>
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<TYPE>EX-99.PROXYPOL
<SEQUENCE>4
<FILENAME>blackrockproxyvotingpolicies.htm
<DESCRIPTION>PROXY VOTING POLICY
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<U><FONT size=7 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Proxy Voting Policies</FONT></U><FONT size=7 face="TimesNewRomanPSMT,Times New Roman,Times,serif"> </FONT><BR>
<BR>
<FONT size=5 face="TimesNewRomanPSMT,Times New Roman,Times,serif">For The BlackRock-Advised Funds</FONT><BR>
<BR>
<FONT size=5 face="TimesNewRomanPSMT,Times New Roman,Times,serif">May 30, 2008</FONT></TD></TR></TABLE>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=4 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Table of Contents</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=23% nowrap>
&nbsp;
	</TD>
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&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Page</FONT></U>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=74% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Introduction</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT>&nbsp;
	</TD>
</TR>
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	<TD align=left width=74% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Proxy Voting Policies</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=74% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Boards of Directors</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;
	</TD>
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	<TD align=left width=74% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Auditors</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=74% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Compensation and Benefits</FONT>&nbsp;
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	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT>&nbsp;
	</TD>
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	<TD align=left width=74% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Capital Structure</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;
	</TD>
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	<TD align=left width=74% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Corporate Charter and By-Laws</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;
	</TD>
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	<TD align=left width=74% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Corporate Meetings</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;
	</TD>
</TR>
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	<TD align=left width=74% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Companies</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=74% nowrap>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Environmental and Social Issues</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=74% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Reports to the Board</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right width=23% nowrap>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT>&nbsp;
	</TD>
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<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Introduction</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Trustees/Directors (&#147;Directors&#148;) of the BlackRock-Advised Funds (the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;Funds&#148;) have the responsibility for voting proxies relating to portfolio securities of the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Funds, and have determined that it is in the best interests of the Funds and their </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shareholders to delegate that responsibility to BlackRock Advisors, LLC and its affiliated </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">U.S. registered investment advisers (&#147;BlackRock&#148;), the investment adviser to the Funds,</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">as part of BlackRock&#146;s authority to manage, acquire and dispose of account assets. The </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Directors hereby direct BlackRock to vote such proxies in accordance with this Policy,</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and any proxy voting guidelines that the Adviser determines are appropriate and in the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">best interests of the Funds&#146; shareholders and which are consistent with the principles </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">outlined in this Policy.  The Directors have authorized BlackRock to utilize an </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">unaffiliated third-party as its agent to vote portfolio proxies in accordance with this</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Policy and to maintain records of such portfolio proxy voting.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">When BlackRock votes proxies for an advisory client that has delegated to </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock proxy voting authority, BlackRock acts as the client&#146;s agent. Under the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Advisers Act of 1940 (the &#147;Advisers Act&#148;), an investment adviser is a </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">fiduciary that owes each of its clients a duty of care and loyalty with respect to all </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">services the adviser undertakes on the client&#146;s behalf, including proxy voting. BlackRock</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">is therefore subject to a fiduciary duty to vote proxies in a manner BlackRock believes is </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">consistent with the client&#146;s best interests.</FONT><SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT></SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"> When voting proxies for the Funds, </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s primary objective is to make voting decisions solely in the best interests of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Funds&#146; shareholders. In fulfilling its obligations to shareholders, BlackRock will seek </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">to act in a manner that it believes is most likely to enhance the economic value of the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">underlying securities held in client accounts.</FONT><SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2 </FONT></SUP><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">It is imperative that BlackRock considers </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the interests of Fund shareholders, and not the interests of BlackRock, when voting </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">proxies and that real (or perceived) material conflicts that may arise between </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s interest and those of BlackRock&#146;s clients are properly addressed and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">resolved. </FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Advisers Act Rule 206(4)-6 was adopted by the SEC in 2003 and requires, among </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">other things, that an investment adviser that exercises voting authority over clients&#146; proxy </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">voting adopt policies and procedures reasonably designed to ensure that the adviser votes </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">proxies in the best interests of clients, discloses to its clients information about those </FONT><BR>
<BR>
<SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">     Letter from Harvey L. Pitt, Chairman, SEC, to John P.M. Higgins, President, Ram Trust
Services </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(February 12, 2002) (Section 206 of the Investment Advisers Act imposes a fiduciary responsibility to vote </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">proxies fairly and in the best interests of clients); SEC Release No. IA-2106 (February 3, 2003).</FONT><BR>
<BR>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2 </FONT><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Other considerations, such as social, labor, environmental or other policies, may be of interest to
</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">particular clients. While BlackRock is cognizant of the importance of such considerations, when voting </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">proxies it will generally take such matters into account only to the extent that they have a direct bearing on </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the economic value of the underlying securities. To the extent that a BlackRock client, such as the Funds, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">desires to pursue a particular social, labor, environmental or other agenda through the proxy votes made for </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">its securities held through BlackRock as investment adviser, BlackRock encourages the client to consider </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">retaining direct proxy voting authority or to appoint independently a special proxy voting fiduciary other </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">than BlackRock.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 1 -</FONT></TD></TR></TABLE>
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">policies and procedures and also discloses to clients how they may obtain information on </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">how the adviser has voted their proxies.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock has adopted separate but substantially similar guidelines and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures that are consistent with the principles of this Policy.  BlackRock&#146;s Equity </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Policy Oversight Committee, or a sub-committee thereof (the &#147;Committee&#148;),</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">addresses proxy voting issues on behalf of BlackRock and its clients, including the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Funds. The Committee is comprised of senior members of BlackRock&#146;s Portfolio </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Management and Administration Groups and is advised by BlackRock&#146;s Legal and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Compliance Department.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Proxy Voting Policies</FONT></B><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">A. Boards of Directors</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals concern those issues submitted to shareholders relating to the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">composition of the board of directors of companies other than investment companies. As </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">a general matter, the Funds believe that a company&#146;s board of directors (rather than </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shareholders) is most likely to have access to important, nonpublic information regarding </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">a company&#146;s business and prospects, and is therefore best-positioned to set corporate </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">policy and oversee management. The Funds therefore believe that the foundation of good </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">corporate governance is the election of qualified, independent corporate directors who are </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">likely to diligently represent the interests of shareholders and oversee management of the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">corporation in a manner that will seek to maximize shareholder value over time. In </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">individual cases, consideration may be given to a director nominee&#146;s history of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">representing shareholder interests as a director of other companies, or other factors to the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">extent deemed relevant by the Committee.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">B. Auditors</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals concern those issues submitted to shareholders related to the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">selection of auditors. As a general matter, the Funds believe that corporate auditors have </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">a responsibility to represent the interests of shareholders and provide an independent </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">view on the propriety of financial reporting decisions of corporate management. While </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Funds anticipate that the Committee will generally defer to a corporation&#146;s choice of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">auditor, in individual cases, consideration may be given to an auditors&#146; history of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">representing shareholder interests as auditor of other companies, to the extent deemed </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">relevant.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">C. Compensation and Benefits</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals concern those issues submitted to shareholders related to </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">management compensation and employee benefits. As a general matter, the Funds favor </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">disclosure of a company&#146;s compensation and benefit policies and oppose excessive </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation, but believe that compensation matters are normally best determined by a </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 2 -</FONT></TD></TR></TABLE>
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">corporation&#146;s board of directors, rather than shareholders. Proposals to &#147;micro-manage&#148; a </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">company&#146;s compensation practices or to set arbitrary restrictions on compensation or </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">benefits should therefore generally not be supported by the Committee.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">D. Capital Structure</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals relate to various requests, principally from management, for </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">approval of amendments that would alter the capital structure of a company, such as an </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">increase in authorized shares. As a general matter, the Funds expect that the Committee</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">will support requests that it believes enhance the rights of common shareholders and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">oppose requests that appear to be unreasonably dilutive. </FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">E. Corporate Charter and By-Laws</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals relate to various requests for approval of amendments to a </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">corporation&#146;s charter or by-laws, principally for the purpose of adopting or redeeming </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;poison pills&#148;. As a general matter, the Funds expect that the Committee will oppose </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">poison pill provisions unless, after consultation with the portfolio managers, it is </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">determined that supporting the poison pill is in the best interest of shareholders.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">F. Corporate Meetings</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These are routine proposals relating to various requests regarding the formalities </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of corporate meetings. As a general matter, the Funds expect that the Committee will</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">support company management except where the proposals are substantially duplicative or </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">serve no legitimate business purpose.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">G. Investment Companies</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These proposals relate to proxy issues that are associated solely with holdings of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">shares of investment companies, including, but not limited to, investment companies for </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">which BlackRock provides investment advisory, administrative and/or other services. As </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">with other types of companies, the Funds believe that an investment company&#146;s board of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">directors (rather than its shareholders) is best-positioned to set fund policy and oversee </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">management. However, the Funds oppose granting boards of directors authority over </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">certain matters, such as changes to a fund&#146;s investment objective, that the Investment </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940 envisions will be approved directly by shareholders.</FONT><BR>
<BR>
<B><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">H. Environmental and Social Issues</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">These are shareholder proposals to limit corporate conduct in some manner that </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">relates to the shareholder&#146;s environmental or social concerns. The Funds generally </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">believe that annual shareholder meetings are inappropriate forums for the discussion of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">larger social issues, and oppose shareholder resolutions &#147;micro-managing&#148; corporate </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">conduct or requesting release of information that would not help a shareholder evaluate </FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 3 -</FONT></TD></TR></TABLE>
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<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">an investment in the corporation as an economic matter. While the Funds are generally </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">supportive of proposals to require corporate disclosure of matters that seem relevant and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">material to the economic interests of shareholders, the Funds generally are not supportive </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of proposals to require disclosure of corporate matters for other purposes.</FONT><BR>
<BR>
<B><U><FONT size=4 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Reports to the Board</FONT></U></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock will report to the Directors on proxy votes it has made on behalf of the Funds </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">at least annually.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">- 4 -</FONT></TD></TR></TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
