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<SEC-DOCUMENT>0000900092-09-000152.txt : 20090407
<SEC-HEADER>0000900092-09-000152.hdr.sgml : 20090407
<ACCEPTANCE-DATETIME>20090407132040
ACCESSION NUMBER:		0000900092-09-000152
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20090131
FILED AS OF DATE:		20090407
DATE AS OF CHANGE:		20090407
EFFECTIVENESS DATE:		20090407

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07136
		FILM NUMBER:		09737076

	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-CSRS
<SEQUENCE>1
<FILENAME>mpafinal.htm
<DESCRIPTION>BR MUNIYIELD PENNSYLVANIA INSURED FUND
<TEXT>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<TR vAlign=bottom>
     <TD noWrap align=left width="44%" colSpan=3><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Additional Information (continued)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="27%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Proxy Results (concluded)</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Richard E. Cavanagh</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="19%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Kathleen F. Feldstein</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%" colSpan=3>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Henry Gabbay</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniHoldings New Jersey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,183,246</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>926,412</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,127,496</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>982,162</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,161,767</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>947,891</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,348,020</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>456,113</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,336,151</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>467,982</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,348,020</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>456,113</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,180,873</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>833,907</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,167,456</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>847,324</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,179,503</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>835,277</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,028,177</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>201,354</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,028,177</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>201,354</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,028,178</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>201,353</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Pennsylvania</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,703,314</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>374,979</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,698,360</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>379,933</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,704,964</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>373,329</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="25%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Jerrold B. Harris</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%">&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Votes For</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Withheld</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniHoldings New Jersey</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>19,183,246</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>926,412</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Insured Investment</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>7,339,151</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>464,982</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Michigan Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>16,175,023</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>839,757</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield New Jersey Insured</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Fund, Inc.</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>8,028,178</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>201,353</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Pennsylvania</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; &nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Insured Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="15%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>10,700,863</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>377,430</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR></TABLE><BR>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Dividend Policy</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds&#146; dividend policy is to distribute all or a portion of their net</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment income to its shareholders on a monthly basis. In order to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>provide shareholders with a more stable level of dividend distributions,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Funds may at times pay out less than the entire amount of net</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment income earned in any particular month and may at times </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>in any particular month pay out such accumulated but undistributed</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>income in addition to net investment income earned in that month.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>As a result, the dividends paid by the Funds for any particular month</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>may be more or less than the amount of net investment income earned</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>by the Funds during such month. The Funds&#146; current accumulated </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>but undistributed net investment income, if any, is disclosed in the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Statements of Assets and Liabilities, which comprises part of the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>financial information included in this report.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>49</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Additional Information (continued)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>General Information</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds will mail only one copy of shareholder documents, including</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>annual and semi-annual reports and proxy statements, to shareholders </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>with multiple accounts at the same address. This practice is commonly</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>called &#147;householding&#148; and it is intended to reduce expenses and elimi-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>nate duplicate mailings of shareholder documents. Mailings of your</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>shareholder documents may be householded indefinitely unless you</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>instruct us otherwise. If you do not want the mailing of these documents</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to be combined with those for other members of your household, please</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>contact the Funds at (800) 441-7762.</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Quarterly performance, semi-annual and annual reports and other </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>information regarding the Funds may be found on BlackRock&#146;s website,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which can be accessed at http://www.blackrock.com. This reference </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to BlackRock&#146;s website is intended to allow investors public access to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>information regarding the Funds and does not, and is not intended to,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>incorporate BlackRock&#146;s website into this report.</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Availability of Quarterly Schedule of Investments</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Funds file their complete schedule of portfolio holdings with </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the SEC for the first and third quarters of each fiscal year on </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Form N-Q. The Funds&#146; Forms N-Q are available on the SEC&#146;s website</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>at http://www.sec.gov and may also be reviewed and copied at the</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>SEC&#146;s Public Reference Room in Washington, DC. Information on the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>operation of the Public Reference Room may be obtained by calling</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(800) SEC-0330. The Funds&#146; Forms N-Q may also be obtained upon</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>request and without charge by calling (800) 441-7762.</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Electronic Delivery</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Electronic copies of most financial reports are available on the Funds&#146;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>websites or shareholders can sign up for e-mail notifications of quarterly</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>statements, annual and semi-annual reports by enrolling in the Funds&#146;</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>electronic delivery program.</FONT></TD></TR></TABLE></P>
<P align=left>
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<TR>
     <TD noWrap><B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholders Who Hold Accounts with Investment Advisors, Banks </FONT></B><BR>
<B><FONT face=FranklinGothic-MedCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>or Brokerages:</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Please contact your financial advisor to enroll. Please note that not all</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment advisors, banks or brokerages may offer this service.</FONT></TD></TR></TABLE></P>
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<TR>
     <TD noWrap><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Section 19 Notices</FONT></B><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The amounts and sources of distributions reported are only estimates and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>are not being provided for tax reporting purposes. The actual amounts and</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>sources for tax reporting purposes will depend upon each Fund&#146;s invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment experience during the year and may be subject to changes based </FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>on the tax regulations. Each Fund will send you a Form 1099-DIV each</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>calendar year that will tell you how to report these distributions for federal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>income tax purposes.</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%" colSpan=3>&nbsp;<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Fiscal Year-to-Date</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Percentage of Fiscal Year-to-Date</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="34%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cumulative Distributions by Character</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="32%" colSpan=7><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Cumulative Distributions by Character</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Realized</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Per</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Net Realized</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Total Per</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Return of</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Investment</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Return of</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Common</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gains</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Share</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Income</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Gains</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Capital</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="4%"><B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>Share</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield Insured Investment Fund</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.329</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.329</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="25%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>BlackRock MuniYield New Jersey Insured Fund, Inc</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.324</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.017</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="7%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>&#151;</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>$0.341</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>95%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>5%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>0%</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="4%"><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=1>100%</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>50 SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#005595 size=4>Additional Information (concluded)</FONT><BR>
<BR>
<B><FONT face=FranklinGothic-DemiCnd,Arial,Helvetica,sans-serif color=#005595 size=1>Board Approvals</FONT></B></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>On September 12, 2008, the Board of Directors of the Funds voted</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>unanimously to change certain investment guidelines of the Funds. Under</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>normal market conditions, the Funds are required to invest at least 80%</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of their total assets in municipal bonds either (i) insured under an insur-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ance policy purchased by the Funds or (ii) insured under an insurance</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>policy obtained by the issuer of the municipal bond or any other party.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Historically, the Funds have had an additional non-fundamental invest-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ment policy limiting its purchase of insured municipal bonds to those</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>bonds insured by insurance providers with claims-paying abilities rated</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>AAA or Aaa at the time of investment.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Following the onset of the credit and liquidity crises currently troubling </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the financial markets, the applicable rating agencies lowered the claims-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>paying ability rating of most of the municipal bond insurance providers</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>below the highest rating category. As a result, the Advisor recommended,</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and the Board approved, an amended policy with respect to the pur-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>chase of insured municipal bonds that such bonds must be insured by</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>insurance providers or other entities with claims-paying abilities rated </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>at least investment grade. This investment grade restriction is measured </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>at the time of investment, and the Funds will not be required to dispose </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of municipal bonds they hold in the event of subsequent downgrades.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The approved changes do not alter the Funds&#146; investment objectives.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>In addition, on September 12, 2008, the Board of Directors of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Florida Insured Fund voted unanimously to change </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>a non-fundamental investment policy of the Fund, and to rename the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Fund &#147;BlackRock MuniYield Insured Investment Fund.&#148; The Fund&#146;s previ-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ous non-fundamental investment policy required the Fund, under normal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>market conditions, to invest at least 80% of its assets in Florida municipal</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>bonds insured by insurers with claims-paying abilities rated AAA at time </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of investment. Due to the repeal of the Florida Intangible Personal Property</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Tax as of January 2007, the Board has approved an amended policy </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>allowing the Fund flexibility to invest in municipal obligations regardless </FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of geographic location, as well as revising the policy with respect to </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the claims-paying ability rating adopted by the Fund. The Fund's new</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment policy is, under normal market conditions, to invest at least</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>80% of its assets in municipal bonds insured by insurers or other </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>entities with claims-paying abilities rated at least investment grade </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>at time of investment. The approved changes will not alter the Fund&#146;s </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>investment objective.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Under current market conditions, the Advisor anticipates that it will </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>gradually reposition the BlackRock MuniYield Insured Investment Fund&#146;s</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>portfolio over time and that during such period, the Fund may continue</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to hold a substantial portion of its assets in Florida municipal bonds. At </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>this time, it is uncertain how long the repositioning may take, and the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Fund will continue to be subject to risks associated with investing a </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>significant portion of its assets in Florida municipal bonds until the </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>repositioning is complete.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>The Advisor and the Board believe the amended policies will allow the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Advisor to better manage the Funds&#146; portfolios in the best interests of the</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Funds&#146; shareholders and to better meet the Funds' investment objectives.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Effective September 13, 2008, following approval by the Funds&#146; Board</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>and the applicable ratings agencies, the Board amended the terms of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Funds&#146; Statement of Preferences/Articles of Incorporation in order </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to allow the Funds to enter into TOB transactions, the proceeds of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>which were used to redeem a portion of the Funds&#146; Preferred Shares.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Accordingly, the definition of Inverse Floaters was amended to incorporate</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>the Funds&#146; permissible ratio of floating rate instruments into inverse float-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>ing rate instruments. Additionally, confirming changes and certain formula</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>modifications concerning inverse floaters were made to the definitions </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>of Moody&#146;s Discount Factor and S&amp;P Discount Factor, as applicable, to</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>integrate the Funds&#146; investments in TOBs into applicable calculations.</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>SEMI-ANNUAL REPORT</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-Book,Arial,Helvetica,sans-serif color=#231f20 size=1>JANUARY 31, 2009</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>This report is transmitted to shareholders only. It is not a prospec-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>tus. Past performance results shown in this report should not be</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>considered a representation of future performance. The Funds have</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>leveraged their Common Shares, which creates risks for Common</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shareholders, including the likelihood of greater volatility of net</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>asset value and market price of the Common Shares, and the risk</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>that fluctuations in the short-term dividend rates of the Preferred</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Shares, currently set at the maximum reset rate as a result of </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>failed auctions, may affect the yield to Common Shareholders.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Statements and other information herein are as dated and are </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>subject to change.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>A description of the policies and procedures that the Funds use </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>to determine how to vote proxies relating to portfolio securities </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>is available (1) without charge, upon request, by calling toll-free </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(800) 441-7762; (2) at www.blackrock.com; and (3) on the Secu-</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>rities and Exchange Commission&#146;s website at http://www.sec.gov.</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Information about how the Funds voted proxies relating to securities</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>held in the Funds&#146; portfolios during the most recent 12-month </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>period ended June 30 is available upon request and without charge</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(1) at www.blackrock.com or by calling (800) 441-7762 and </FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>(2) on the Securities and Exchange Commission&#146;s website at</FONT><BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>http://www.sec.gov.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniHoldings New Jersey Insured Fund, Inc.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Insured Investment Fund</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Michigan Insured Fund, Inc.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield New Jersey Insured Fund, Inc.</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>BlackRock MuniYield Pennsylvania Insured Fund</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>100 Bellevue Parkway</FONT><BR>
<BR>
<FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>Wilmington, DE 19809</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=center><FONT face=FranklinGothic-BookCnd,Arial,Helvetica,sans-serif color=#231f20 size=2>#MHMYINS6-1/09</FONT></TD></TR></TABLE></P>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Code of Ethics &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Audit Committee Financial Expert &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 4 &#150; Principal Accountant Fees and Services &#150; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 5 &#150; Audit Committee of Listed Registrants &#150; Not Applicable to this semi-annual report</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 Stockholders filed under </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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 the previous </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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 Investment Companies &#150;</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Not Applicable to this semi-annual report</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 January 31, 2009</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a) Not Applicable</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(b) Effective November 18, 2008, Mr. William Bock, a portfolio manager of the Fund identified in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">response to paragraph (a) of this item in the Fund&#146;s most recent annual report, has resigned from the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Adviser. As of January 31, 2009, BlackRock MuniYield Pennsylvania Insured Fund is managed by a team </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of investment professionals comprised of Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Walter O&#146;Connor, Managing Director at BlackRock and Phillip Soccio, CFA, Director at BlackRock.</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Each is a member of BlackRock&#146;s municipal tax-exempt management group. Each is jointly responsible </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">for the day-to-day management of the Fund&#146;s portfolio, which includes setting the Fund&#146;s overall </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment strategy, overseeing the management of the Fund and/or selection of its investments. Messrs. </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Jaeckel and O&#146;Connor have been members of the Fund&#146;s portfolio management team since 2006. Mr. </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Soccio has been a member of the Fund&#146;s portfolio since 2008.</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 Director </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Municipal Tax-Exempt Fund Management) of Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;) from </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2005 to 2006 and a Director of MLIM from 1997 to 2005. He has been a portfolio manager with </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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 Director </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Municipal Tax-Exempt Fund Management) of MLIM from 2003 to 2006 and was a Director of MLIM </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">from 1997 to 2002. 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. Soccio has been a Director of BlackRock since 2009. He was a Vice President of BlackRock from </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2005 to 2008. He has been with BlackRock since 1998.</FONT></TD></TR></TABLE>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(2) As of January 31, 2009:</FONT>&nbsp;
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&nbsp;	</TD>
	<TD align=center width=39% nowrap colspan=5>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(ii) 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">(iii) 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=29% 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=13% 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;
	</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>
<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=13% 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">(i) 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=13% nowrap>
<B><FONT size=1 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Investment</FONT></B>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=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=13% 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=13% 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>
	</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">77</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">0</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=right 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;16.53 Billion</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% 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">77</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% 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;16.53 Billion</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% 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">Phillip Soccio</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=14% nowrap>
<FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">8</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% 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;1.26 Billion</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=center width=13% 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>
	<TD colspan=13>
&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=50% nowrap colspan=5>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(iv) Potential Material Conflicts of Interest</FONT>&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=8% 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=14% nowrap>
&nbsp;
	</TD>
	<TD width=2%>
&nbsp;	</TD>
	<TD align=left width=7% nowrap>
&nbsp;
	</TD>
</TR>
</TABLE><BR>
<P align="left">
<TABLE><TR><TD width=42>&nbsp;</TD><TD nowrap>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock and its affiliates (collectively, herein &#147;BlackRock&#148;) has built a professional working </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">environment, firm-wide compliance culture and compliance procedures and systems designed to protect </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">against potential incentives that may favor one account over another. BlackRock has adopted policies and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">procedures that address the allocation of investment opportunities, execution of portfolio transactions, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">personal trading by employees and other potential conflicts of interest that are designed to ensure that all </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">applicable law, make investment recommendations to other clients or accounts (including accounts which </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">have a personal interest in the receipt of such fees), which may be the same as or different from those made</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">to the Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">stockholder or employee may or may not have an interest in the securities whose purchase and sale </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant shareholders, or any </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">officer, director, stockholder, employee or any member of their families may take different actions than </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">may refrain from rendering any advice or services concerning securities of companies of which any of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s (or its affiliates&#146; or significant shareholders&#146;) officers, directors or employees are directors or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">officers, directors and employees of any of them has any substantial economic interest or possesses </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material non-public information. Each portfolio manager also may manage accounts whose investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">strategies may at times be opposed to the strategy utilized for a fund. In this connection, it should be noted </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that a portfolio manager may currently manage certain accounts that are subject to performance fees. In </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">addition, a portfolio manager may assist in managing certain hedge funds and may be entitled to receive a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portion of any 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 such accounts or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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 fairly. When </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock purchases or sells securities for more than one account, the trades must be allocated in a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">equitable manner among client accounts, with no account receiving preferential treatment. To this end, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock has adopted a policy that is intended to ensure that investment opportunities are allocated fairly </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and equitably among client accounts over time. This policy also seeks to achieve reasonable efficiency in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that is consistent with the particular investment discipline and client base.</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(3) As of January 31, 2009: </FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Portfolio Manager Compensation Overview</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock&#146;s financial arrangements with its portfolio managers, its competitive compensation and its </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">career path emphasis at all levels reflect the value senior management places on key resources. </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Compensation may include a variety of components and may vary from year to year based on a number of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">factors. The principal components of compensation include a base salary, a performance-based </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">discretionary bonus, participation in various benefits programs and one or more of the incentive </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation programs established by BlackRock such as its Long-Term Retention and Incentive Plan.</FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Base compensation. </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Generally, portfolio managers receive base compensation based on their
seniority </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and/or their position with the firm. Senior portfolio managers who perform additional management </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">functions within the portfolio management group or within BlackRock may receive additional </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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 of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, Inc., the performance of the portfolio manager&#146;s group within BlackRock, the investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performance, including risk-adjusted returns, of the firm&#146;s assets under management or supervision by that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio manager relative to predetermined benchmarks, and the individual&#146;s seniority, role within the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio management team, teamwork and contribution to the overall performance of these portfolios and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock. 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 accounts </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">managed by the portfolio managers are measured. BlackRock&#146;s Chief Investment Officers determine the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">benchmarks against which the performance of funds and other accounts managed by each portfolio </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">manager is compared and the period of time over which performance is evaluated. With respect to the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio managers, such benchmarks for the Fund include a combination of market-based indices (e.g., </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Barclays Capital Municipal Bond 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 portfolio </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">managers&#146; compensation based on the performance of the funds and other accounts managed by each </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio manager relative to the various benchmarks noted above. Performance is measured on both a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">pre-tax and after-tax basis over various time periods 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 of cash and </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock, Inc. restricted stock units which vest ratably over a number of years. The BlackRock, Inc. </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">restricted stock units, if properly vested, will be settled in BlackRock, Inc. common stock. Typically, the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">cash bonus, when combined with base salary, represents more than 60% of total compensation for the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">portfolio managers. Paying a portion of annual bonuses in stock puts compensation earned by a portfolio </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">manager for a 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
incentive plan that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">seeks to reward certain key employees. Prior to 2006, the plan provided for the grant of awards that were </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">expressed as an amount of cash that, if properly vested and subject to the attainment of certain </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">performance goals, will be settled in cash and/or in BlackRock, Inc. common stock. Beginning in 2006, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">awards are 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 BlackRock, Inc. </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">common stock. Messrs. Jaeckel and O&#146;Connor have each received awards under the LTIP.</FONT></TD></TR></TABLE>
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<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 BlackRock
</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">employees may be voluntarily deferred into an account that tracks the performance of certain of the firm&#146;s </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">investment products. Each participant in the deferred compensation program is permitted to allocate his </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">deferred amounts among the various investment options. Messrs. Jaeckel and O&#146;Connor have each </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">participated in the deferred compensation program. </FONT><BR>
<BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Other compensation benefits. </FONT></B><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">In addition to base compensation and discretionary incentive
</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">compensation, portfolio managers may be eligible to receive or participate in one 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 savings plans
in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">contribution components of the RSP include a company match equal to 50% of the first 6% of eligible pay </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">contributed to the plan capped at &#36;4,000 per year, and a company retirement contribution equal to 3% of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">eligible compensation, plus an additional contribution of 2% for any year in which BlackRock has positive </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">net operating income. The RSP offers a range of investment options, including registered investment </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">companies managed by the firm. BlackRock contributions follow the investment direction set by </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">participants for their own contributions or, absent employee investment direction, are invested into a </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">balanced portfolio. The ESPP allows for investment in BlackRock common stock at a 5% discount on the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">purchase of 1,000 shares or a dollar value of &#36;25,000. Each portfolio manager is eligible to participate in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">these plans.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(a)(4) </FONT><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Beneficial Ownership of Securities. </FONT></I><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">As of January 31, 2009, none of Mr. Jaeckel, Mr. O&#146;Connor or </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Mr. Soccio 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 Affiliated </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Purchasers &#150; Not Applicable</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 Governance </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Committee will consider nominees to the board of directors recommended by shareholders when a vacancy </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">becomes available. Shareholders who wish to recommend a nominee should send nominations that include </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">biographical information and set forth the qualifications of the proposed nominee to the registrant&#146;s </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Secretary. There have been no material changes to these procedures.</FONT></TD></TR></TABLE>
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<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 similar functions </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">have concluded that the registrant&#146;s disclosure controls and procedures (as defined in Rule 30a-3(c) under </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) are effective as of a date within 90 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days of the filing of this report based on the evaluation of these controls and procedures required by Rule </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">30a-3(b) under the 1940 Act and Rule 13(a)-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 defined in Rule 30a-</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that have materially affected, or are 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.</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; Not Applicable to this semi-annual report</FONT><BR>
<BR>
<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 Company Act of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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: March 25, 2009</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 Company Act of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1940, this report has been signed below by the following persons on behalf of the registrant and in the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">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: March 25, 2009</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: March 25, 2009</FONT></TD></TR></TABLE>
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<TYPE>EX-99.CERT
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<FILENAME>mpacerts.htm
<DESCRIPTION>CERTIFICATION
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<B><FONT size=2 face="Arial-BoldMT,Arial,Helvetica,sans-serif">EX-99. CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock MuniYield 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's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield 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 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, Neal J. Andrews, Chief Financial Officer (principal financial 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's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ 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>mpasection906.htm
<DESCRIPTION>CERTIFICATION
<TEXT>

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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 (the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;registrant&#148;), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">January 31, 2009, (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">condition and results of operations of the registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Donald C. Burke</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Donald C. Burke</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield 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 (the </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;registrant&#148;), hereby certifies, to the best of his knowledge, that the registrant's Report on Form N-CSR for the period ended </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">January 31, 2009, (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">condition and results of operations of the registrant.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: March 25, 2009</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/s/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield 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, as amended, </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Commission</FONT><B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">.</FONT></B></TD></TR></TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
