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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950136-06-000262.txt : 20060118
<SEC-HEADER>0000950136-06-000262.hdr.sgml : 20060118
<ACCEPTANCE-DATETIME>20060118154019
ACCESSION NUMBER:		0000950136-06-000262
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20060118
DATE AS OF CHANGE:		20060118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Long-Term Municipal Advantage Trust
		CENTRAL INDEX KEY:			0001343793
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-129767
		FILM NUMBER:		06535553

	BUSINESS ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		800-882-0052

	MAIL ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Municipal Advantage Income Trust
		DATE OF NAME CHANGE:	20051108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Long-Term Municipal Advantage Trust
		CENTRAL INDEX KEY:			0001343793
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21835
		FILM NUMBER:		06535554

	BUSINESS ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		800-882-0052

	MAIL ADDRESS:	
		STREET 1:		40 EAST 52ND STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BlackRock Municipal Advantage Income Trust
		DATE OF NAME CHANGE:	20051108
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>file001.htm
<DESCRIPTION>FORM N-2/A
<TEXT>
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<HEAD>
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<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">As
filed with the Securities and Exchange Commission on
January
18,
2006</p>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: right; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Securities
Act Registration No. 333-129767<br>
Investment Company Registration No.
811-21835</p>
<table border="0" cellpadding="0" cellspacing="0" width="602">
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<td bgcolor="#000000"><img src="spacer.gif" height="3" width="1"></td>
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<td><img src="spacer.gif" height="1" width="1"></td>
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<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
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<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">SECURITIES
AND EXCHANGE
COMMISSION</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Washington,
D.C. 20549</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:16pt;  width: 456pt; text-align: center; font-style: normal; line-height: 18pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">FORM
N-2</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="414"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="42"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF
1933</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="xbox.gif" alt="[X]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Pre-Effective
Amendment No.
2</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="xbox.gif" alt="[X]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Post-Effective
Amendment No.
&nbsp;&nbsp;</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="ebox.gif" alt="[ ]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>and/or</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>REGISTRATION
STATEMENT UNDER<br>THE INVESTMENT COMPANY
ACT OF
1940</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="xbox.gif" alt="[X]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>AMENDMENT
NO.
2</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><img src="xbox.gif" alt="[X]" width="10" height="10">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
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<td><img src="spacer.gif" height="10" width="1"></td>
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</div>
</div>
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<table border="0" cellpadding="0" cellspacing="0" width="602">
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<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
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<td><img src="spacer.gif" height="1" width="237"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="237"></td>
<td><img src="spacer.gif" height="1" width="475"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">BlackRock
Long-Term Municipal Advantage Trust</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">(Exact Name of Registrant As
Specified In Declaration of
Trust)</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">100 Bellevue
Parkway<br>Wilmington, Delaware
19809</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">(Address of
Principal Executive Offices)</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">(800)
882-0052</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">(Registrant's
Telephone Number, Including Area
Code)</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Robert S. Kapito,
President<br>BlackRock Long-Term Municipal
Advantage Trust<br> 40 East 52nd
Street<br>New York, New York
10022</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">(Name and
Address of Agent for
Service)</p>
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<td><img src="spacer.gif" height="1" width="237"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="237"></td>
<td><img src="spacer.gif" height="1" width="475"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="font-weight: bold; font-style: italic">Copies
to:</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="228"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="228"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Michael
K. Hoffman, Esq.<br>Skadden, Arps, Slate,
Meagher &amp; Flom LLP<br>Four Times
Square<br>New York, New York
10036</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Leonard B. Mackey, Jr.,
Esq.<br>Clifford Chance US
LLP<br>31 West 52<sup>nd</sup>
Street<br>New York, NY
10019</b></font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
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<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
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<td><img src="spacer.gif" height="1" width="237"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="237"></td>
<td><img src="spacer.gif" height="1" width="475"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Approximate
Date of Proposed Public Offering:</b>&nbsp;&nbsp;&nbsp; As soon as practicable
after the effective date of this Registration Statement.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES
ACT OF
1933</p>
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<td><img src="spacer.gif" height="1" width="0"></td>
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<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:.5pt solid #000000; border-bottom:.5pt solid #000000; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="170"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="79"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="67"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="74"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="67"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Title
of Securities Being Registered</font></td>
<td style="border-bottom: 1px solid #000000;background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Amount
Being<br> Registered</font></td>
<td style="border-bottom: 1px solid #000000;background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Proposed<br>
Maximum<br> Offering Price<br> per
Unit</font></td>
<td style="border-bottom: 1px solid #000000;background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Proposed<br> Maximum<br>
Aggregate<br> Offering Price</font></td>
<td style="border-bottom: 1px solid #000000;background-color: #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Amount
of<br> Registration
Fee</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Common Shares, $.001
par
value</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">100,000
shares</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$15.00</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$1,500,000(1)</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$176.55</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="602"></td>
<td><img src="spacer.gif" height="1" width="0"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 438pt">Estimated
solely for the purpose of calculating the registration
fee. Previously
paid.</td>
</tr>
</table>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>The registrant hereby
amends this Registration Statement on such date or dates as may be
necessary to delay its effective date until the Registrant shall file a
further amendment which specifically states that the Registration
Statement shall thereafter become effective in accordance with Section
8(a) of the Securities Act of 1933 or until the Registration Statement
shall become effective on such dates as the Commission, acting pursuant
to said Section 8(a), may determine.</b>
</p>

<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
</table>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">BlackRock
Long-Term Municipal Advantage
Trust</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">CROSS REFERENCE SHEET</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Part
A&mdash;Prospectus</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="39"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="179"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="239"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="7"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Items
in Part A of Form N</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Location in
Prospectus</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;1.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Outside
Front Cover</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover
Page</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;2.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover Pages; Other
Offering Information</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover
Page</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;3.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Fee Table and
Synopsis</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Prospectus Summary; Summary of Trust
Expenses</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;4.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Financial
Highlights</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Not
Applicable</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;5.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Plan of
Distribution</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover Page; Prospectus Summary;
Underwriting</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;6.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Selling
Shareholders</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Not
Applicable</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;7.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Use of
Proceeds</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Use of Proceeds; The Trust&rsquo;s
Investments</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;8.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">General
Description of the Registrant</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">The Trust; The Trust&rsquo;s
Investments; Risks;<br> &nbsp;&nbsp;&nbsp;&nbsp;Description of Shares; Anti-Takeover
Provisions<br> &nbsp;&nbsp;&nbsp;&nbsp;in the Amended and Restated
Agreement and<br> &nbsp;&nbsp;&nbsp;&nbsp;Declaration of Trust; Closed-End
Trust
Structure;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;9.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management
of the Trust; Custodian and Transfer<br> &nbsp;&nbsp;&nbsp;&nbsp;Agent; Summary of Trust
Expenses</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;10.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Capital Stock,
Long-Term Debt, and Other Securities</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Description of Shares;
Distributions; Dividend<br> &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment Plan; Anti-Takeover
Provisions in<br> &nbsp;&nbsp;&nbsp;&nbsp;the Amended and Restated
Agreement and Declaration of Trust; Tax
Matters</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;11.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Defaults and Arrears
on Senior Securities</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Not
Applicable</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;12.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Legal
Proceedings</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Legal
Opinions</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;13.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Table of Contents
of the Statement of Additional Information</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Table of Contents
for the Statement of Additional<br>
&nbsp;&nbsp;&nbsp;&nbsp;Information</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Part B&mdash;Statement of
Additional
Information</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="39"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="179"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="239"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;14.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover
Page</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover
Page</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;15.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Table of
Contents</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cover
Page</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;16.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">General Information and
History</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Not
Applicable</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;17.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Investment
Objective and Policies</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Investment Objective and Policies;
Investment<br> &nbsp;&nbsp;&nbsp;&nbsp;Policies and Techniques; Other Investment<br>
&nbsp;&nbsp;&nbsp;&nbsp;Policies and Techniques; Portfolio Transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;and
Brokerage</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;18.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management
of the Trust; Portfolio Transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;and
Brokerage</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;19.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Control Persons
and Principal Holders of Securities</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Not
Applicable</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;20.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Investment
Advisory and Other Services</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management of the Trust;
Experts</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;21.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Portfolio
Managers</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management of the
Trust</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;22.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Brokerage Allocation
and Other Practices</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Portfolio Transactions and
Brokerage</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;23.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Tax
Status</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Tax
Matters</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Item&nbsp;24.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Financial
Statements</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Financial Statements; Independent Auditors&rsquo;
Report</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Part C&mdash;Other Information</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff"></p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Items 25-34 have been
answered in Part C of this Registration
Statement</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">EXPLANATORY
NOTE</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This amendment to the Registration Statement of the Trust
includes (i) a supplement to the preliminary prospectus of the Trust
included in the Registration Statement on Form N-2 filed with the
Securities and Exchange Commission on December  28,  2005
and (ii) a revised statement of additional information that has been
updated to include the audited financial statements of the Trust and
other additional information relating to the Trust and the Advisors.
The contents of the preliminary prospectus included in the Registration
Statement on Form N-2 filed with the Securities and Exchange Commission
on December  28,  2005 and relating to the same offering
(File No. 333-129767) are incorporated herein by
reference.</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>

<p style="font-family:serif;font-weight:normal;color:#ff0000;font-size:9pt;  width: 456pt; text-align: justify; font-style: normal; line-height: 10pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
information in this prospectus is not complete and may be changed. We
may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and it is not
soliciting an offer to buy these securities in any state where the
offer or sale is not
permitted.</p>


<p style="font-family:serif;font-weight:bold;color:#FF0000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Subject
to Completion<br>Supplement Dated January 18,
2006<br>To Preliminary Prospectus Dated December  28,
2005</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 24pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">BLACKROCK
LONG-TERM MUNICIPAL ADVANTAGE TRUST</font>
</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 24pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">SUMMARY
OF TRUST EXPENSES
INFORMATION</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:12pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
following revision is being made to the preliminary prospectus included
in the Registration Statement on Form N-2 of BlackRock Long-Term
Municipal Advantage Trust (the &lsquo;&lsquo;Trust&rsquo;&rsquo;)
filed with the Securities and Exchange Commission on December
28,  2005. The following language replaces the final paragraph,
expense table and footnotes thereto in their entirety in the
Trust's preliminary prospectus under the heading
&lsquo;&lsquo;Summary of Trust
Expenses&rsquo;&rsquo;:</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following example
illustrates the expenses (including the offering expenses borne by the
Trust and the sales load of $45) that you would pay on a $1,000
investment in common shares, assuming (1) Preferred Shares are issued
with a liquidation preference equal to 50% of the Trust's
total assets, (2) total annual expenses of 1.00% of net assets
attributable to common shares in years one through five, 1.10%
in year six, 1.20% in year seven, 1.30% in year eight and
1.40% thereafter, and (3) a 5% annual return:
(1)(2)(3)</p>

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<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="45"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="40"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
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<tr>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">1
Year</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">3 Years</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">5 Years</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">10
Years</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Total Expenses
Incurred</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$57</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$77</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$100</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$182</font></td>
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<td><img src="spacer.gif" width="1" height="12"></td>
</tr>
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<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
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<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(1)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">The
example
presented in this footnote illustrates the
expenses (including the offering expenses borne by the Trust and the
sales load of $45) that you would pay on a $1,000 investment in common
shares, assuming (1) no Preferred Shares are
issued or outstanding
and, instead, the Trust incurs all of its economic leverage through
investment in residual interest municipal tender option
bonds, (2) total annual expenses of
..75% of net assets attributable to common shares in years one
through five, .85% in year six, .95% in year seven,
1.05% in year eight and 1.15% thereafter, and (3) a
5% annual return: (2)
(3)</font></td>
</tr>
</table>

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<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">1
Year</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">3 Years</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">5 Years</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">10
Years</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Total Expenses
Incurred</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$54</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$70</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$87</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$154</font></td>
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<td><img src="spacer.gif" height="10" width="1"></td>
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<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(2)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;"><b>The
examples should not be considered a representation of future expenses.
Actual expenses may be greater or less than those
assumed.</b>&emsp;The examples assume that the estimated
&lsquo;&lsquo;Other Expenses&rsquo;&rsquo; set forth in the Annual
Expenses table are accurate, and that all dividends and distributions
are reinvested at net asset value. Moreover, the Trust's actual
rate of return may be greater or less than the hypothetical 5%
return shown in the
examples.</font></td>
</tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="576"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 20pt">(3)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 436pt">Assumes
waiver of fees and expenses of .40% of average weekly net assets
attributable to common shares in years one through five, .30% in
year six, .20% in year seven and .10% in year eight.
BlackRock Advisors has not agreed to waive any portion of its fees and
expenses beyond January  31,  2014. See
&lsquo;&lsquo;Management of the Trust&mdash;Investment Management
Agreements.&rsquo;&rsquo;</td>
</tr>
</table>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 72pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">PROSPECTIVE
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE<br>PRELIMINARY
PROSPECTUS FOR FUTURE
REFERENCE</p>

<br>
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<page>
<p style="font-family:serif;font-weight:normal;color:#ff0000;font-size:10pt;  width: 456pt; text-align: justify; font-style: normal; line-height: normalpt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The
information in this Statement of Additional Information is not complete
and may be changed. We may not sell these securities until the
registration statement filed with the Securities and Exchange
Commission is effective. This Statement of Additional Information is
not an offer to sell these securities and is not soliciting an offer to
buy these securities in any state where the offer or sale is not
permitted.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Subject to Completion</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">STATEMENT OF ADDITIONAL
INFORMATION</p>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Dated
January
18,
2006</p>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">BLACKROCK
LONG-TERM TRUST MUNICIPAL ADVANTAGE
TRUST</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">STATEMENT OF ADDITIONAL INFORMATION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">BlackRock
Long-Term Municipal Advantage Trust (the
&lsquo;&lsquo;Trust&rsquo;&rsquo;) is a newly organized,
non-diversified, closed-end management
investment company with no operating history. This Statement of
Additional Information relating to common shares does not constitute a
prospectus, but should be read in conjunction with the prospectus
relating thereto dated<font style="letter-spacing: 24pt;">&nbsp;&nbsp;</font>,
2006. This Statement of Additional Information, which is not
a prospectus, does not include all information that a prospective
investor should consider before purchasing common shares, and investors
should obtain and read the prospectus prior to purchasing such shares.
A copy of the prospectus may be obtained without charge by calling
(800) 882-0052. You may also obtain a copy of the prospectus on the
Securities and Exchange Commission's web site
(http://www.sec.gov). Capitalized terms used but not defined in this
Statement of Additional Information have the meanings ascribed to them
in the prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">This Statement
of Additional Information is dated<font style="letter-spacing: 48pt;">&nbsp;&nbsp;</font>,
2006.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">TABLE OF
CONTENTS</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="422"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="34"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Page</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Use
of
Proceeds</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-1</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Investment
Objective and Policies</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-1</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Investment
Policies and Techniques</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-3</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Other Investment
Policies and
Techniques</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-10</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Management
of the
Trust</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-13</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Portfolio
Transactions and
Brokerage</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-27</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Description
of
Shares</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-28</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Repurchase
of Common
Shares</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-29</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Tax
Matters</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-30</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Experts</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-34</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Additional
Information</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-34</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Report
of Independent Registered Public Accounting
Firm</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">F-1</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Financial
Report</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">F-2</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">APPENDIX A Ratings of
Investments</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A-1</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">APPENDIX B General
Characteristics and Risks of Strategic
Transactions</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">B-1</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">APPENDIX C Proxy Voting
Procedures; Proxy Voting
Policy</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">C-1</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

</div>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">USE
OF PROCEEDS</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pending investment in municipal
bonds, municipal securities and derivative instruments
with exposure to such bonds or securities that meet the
Trust's investment objective and policies, the net proceeds of
the offering will be invested in high quality, short-term tax-exempt
money market securities or in high quality municipal bonds with
relatively low volatility (such as pre-refunded and intermediate-term
bonds), to the extent such securities are available. If necessary to
invest fully the net proceeds of the offering
promptly, the Trust may
also purchase, as temporary investments, short-term taxable investments
of the type described under &lsquo;&lsquo;Investment Policies and
Techniques&mdash; Short-Term Taxable Fixed Income
Securities,&rsquo;&rsquo; the income on which is subject to
regular Federal income
tax, and securities of other open- or closed-end investment companies
that invest primarily in municipal bonds of the type in which the Trust
may invest directly.</p>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">INVESTMENT OBJECTIVE AND
POLICIES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust has not established any limit on the
percentage of its portfolio that may be invested in municipal
bonds, municipal securities and derivative instruments
with exposure to such bonds or securities, in each case that
are subject to the alternative minimum tax provisions of
Federal tax law, and the Trust expects that a portion of the
interest or income it produces will be
includable in alternative minimum taxable income.
Exempt interest dividends also are
likely to be subject to state and local income taxes. Distributions of
any capital gain or other taxable income will be taxable to
shareholders. The Trust may not be a suitable investment for investors
who are subject to
the Federal alternative minimum tax or who would become subject to such
tax by investing in the Trust. Common shares may not be a
suitable investment for investors who are subject to the Federal
alternative minimum tax or who would become subject to such tax by
purchasing common shares. The suitability of an investment in common
shares will depend upon a comparison of the after-tax yield likely to
be provided from the Trust with that from comparable tax-exempt
investments not subject to the alternative minimum tax, and from
comparable fully taxable investments, in light of each such
investor's tax position. Special considerations apply to
corporate investors. See &lsquo;&lsquo;Tax
Matters.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Investment
Restrictions</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Except as described below, the
Trust, as a fundamental policy, may not, without the approval of the
holders of a majority of the outstanding common shares and Preferred
Shares, if any were to be issued, voting together as a single class,
and of the holders of a majority of the outstanding Preferred Shares,
if any were to be issued, voting as a separate class:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(1) invest 25% or more of the value of its
total assets in any one industry (as defined by the
Security and Exchange Commission's industry codes),
provided that this limitation does not apply to municipal bonds other
than those municipal bonds backed only by assets and revenues of
non-governmental issuers and, provided further, that this limitation
does not apply to securities of the U.S. government, its agencies, or
instrumentalities, and securities backed by the credit of a
governmental entity are not considered to represent
industries;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(2) issue senior securities or
borrow money other than as permitted by the Investment Company Act or
pledge its assets other than to secure such issuances or in connection
with hedging transactions, short sales, when-issued and forward
commitment transactions and similar investment strategies;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(3)
make loans of money or property to any person, except through loans of
portfolio securities, the purchase of fixed income securities
consistent with the Trust's investment objective and policies or
the entry into repurchase agreements;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(4)
underwrite the securities of other issuers, except to the extent that
in connection with the disposition of portfolio securities or the sale
of its own securities the Trust may be deemed to be an underwriter;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(5)
purchase or sell real estate or interests therein other than municipal
bonds secured by real estate or interests therein, provided that the
Trust may hold and sell any real estate acquired in connection with its
investment in portfolio securities; or</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(6)
purchase or sell commodities or commodity contracts for any purposes
except as, and to the extent, permitted by applicable law without the
Trust becoming subject to registration with the Commodity Futures
Trading Commission (the &lsquo;&lsquo;CFTC&rsquo;&rsquo;) as a
commodity pool.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As a fundamental policy, under normal market
conditions, the Trust will invest at least 80% of its
total assets in municipal
bonds, municipal securities and derivative instruments with exposure to
such bonds or securities, in each case that are expected to pay
interest or income that is exempt from
regular Federal income
tax which, as used in this
Statement of Additional Information, does not include Federal
alternative minimum tax.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">When used with respect to particular shares of the Trust,
&lsquo;&lsquo;majority of the outstanding&rsquo;&rsquo; means
(i)  67% or more of the shares present at a meeting, if
the holders of more than 50% of the shares are present or
represented by proxy, or (ii) more than 50% of the shares,
whichever is less.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For purposes of applying the limitation set
forth in subparagraph (1) above, securities of the U.S. government, its
agencies, or instrumentalities, and securities backed by the credit of
a governmental entity are not considered to represent industries.
However, obligations backed only by the assets and revenues of
non-governmental issuers may for this purpose be deemed to be issued by
such non-governmental issuers. Thus, the 25% limitation would
apply to such obligations. It is nonetheless possible that the Trust
may invest more than 25% of its
total assets in a broader
economic sector of the market for municipal obligations, such as
revenue obligations of hospitals and other health care facilities or
electrical utility revenue obligations. The Trust reserves the right to
invest more than 25% of its
total assets in
industrial development bonds and private activity securities.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For the purpose of applying the limitation set forth in subparagraph
(1) above, a non-governmental issuer shall be deemed the sole issuer of
a security when its assets and revenues are separate from other
governmental entities and its securities are backed only by its assets
and revenues. Similarly, in the case of a non-governmental issuer, such
as an industrial corporation or a privately owned or operated hospital,
if the security is backed only by the assets and revenues of the
non-governmental issuer, then such non-governmental issuer would be
deemed to be the sole issuer. Where a security is also backed by the
enforceable obligation of a superior or unrelated governmental or other
entity (other than a bond insurer), it shall also be included in the
computation of securities owned that are issued by such governmental or
other entity. Where a security is guaranteed by a governmental entity
or some other facility, such as a bank guarantee or letter of credit,
such a guarantee or letter of credit would be considered a separate
security and would be treated as an issue of such government, other
entity or bank. When a municipal bond is insured by bond insurance, it
shall not be considered a security that is issued or guaranteed by the
insurer; instead, the issuer of such municipal bond will be determined
in accordance with the principles set forth above. The foregoing
restrictions do not limit the percentage of the Trust's assets
that may be invested in municipal bonds insured by any given
insurer.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Under the Investment Company Act of
1940, as amended
(the "Investment Company Act"),
the Trust may invest up to 10% of its total assets in the
aggregate in shares of other investment companies and up to 5%
of its total assets in any one investment company, provided the
investment does not represent more than 3% of the voting stock
of the acquired investment company at the time such shares are
purchased. As a shareholder in any investment company, the Trust will
bear its ratable share of that investment company's expenses, and
will remain subject to payment of the Trust's advisory fees and
other expenses with respect to assets so invested. Holders of common
shares will therefore be subject to duplicative expenses to the extent
the Trust invests in other investment companies. In addition, the
securities of other investment companies may also be leveraged and will
therefore be subject to the same leverage risks described herein and in
the prospectus. As described in the prospectus in the section entitled
&lsquo;&lsquo;Risks,&rsquo;&rsquo; the net asset value and market
value of leveraged shares will be more volatile and the yield to
shareholders will tend to fluctuate more than the yield generated by
unleveraged shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In addition to the foregoing fundamental
investment policies, the Trust is also subject to the following
non-fundamental restrictions and policies, which may be changed by the
board of trustees. The Trust may not:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(1) make any short sale
of securities except in conformity with applicable laws, rules and
regulations and unless after giving effect to such sale, the market
value of all securities sold short does not exceed 25% of the
value of the Trust's total
assets and the Trust's aggregate short sales of a
particular class of securities does not exceed 25% of the then
outstanding securities of that class. The Trust may also make short
sales &lsquo;&lsquo;against the box&rsquo;&rsquo; without respect
to such limitations. In this type of short sale, at the time of the
sale, the Trust owns or has the immediate and unconditional right to
acquire at no additional cost the identical security;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(2) purchase securities of open-end or closed-end
investment companies except in compliance with the Investment Company
Act or any exemptive relief obtained thereunder; or</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(3) purchase securities of companies for the
purpose of exercising control.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
restrictions
and other limitations set forth above will apply only at the time of
purchase of securities and will not be considered violated unless an
excess or deficiency occurs or exists immediately after and as a result
of the acquisition of securities, provided that
a
reduction in the value of the Trust's
assets that would cause the Trust to not comply with the asset coverage
requirements of
the
Investment Company Act would prohibit the Trust from borrowing
additional amounts for investment purposes or from paying dividends on
its common shares until it once again complied with the asset coverage
requirements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">BlackRock closed-end
investment companies that share the same
board
of
trustees
as the Trust have applied to the Securities and Exchange Commission for
exemptive relief from the Investment Company Act to the extent
necessary to permit such funds to invest cash balances in affiliated
money market funds. The Trust anticipates that it would be able to rely
on such exemptive relief if it were to be granted. There can be no
assurance that the requested relief will be
granted.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In addition, to comply with Federal tax
requirements for qualification as a regulated investment company, the
Trust's investments will be limited in a manner such that at the
close of each quarter of each taxable year, (a) no more than 25%
of the value of the Trust's total assets are invested (i) in the
securities (other than United States government securities or
securities of other regulated investment companies) of a single issuer
or two or more issuers controlled by the Trust and engaged in the same,
similar or related trades or businesses or (ii) in the securities of
one or more &lsquo;&lsquo;qualified publicly traded
partnerships&rsquo;&rsquo; (as defined under Section 851(h) of the
Code) and (b) with regard to at least 50% of the Trust's
total assets, no more than 5% of its total assets are invested
in the securities (other than United States
government securities or
securities of other regulated investment companies) of a single issuer
and no investment represents more than 10% of the outstanding
voting securities of such issuer. These tax-related limitations may be
changed by the trustees
to the extent appropriate in light of changes to applicable
tax requirements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust intends to apply for
ratings for
any
Preferred Shares it may
issue from Moody's
and/or S&amp;P. In order to obtain and maintain the
required ratings, the Trust will be required
to comply with investment quality, diversification and other
guidelines established by Moody's and/or S&amp;P.
Such guidelines will likely be more
restrictive than the restrictions set forth above. The Trust does not
anticipate that such guidelines would have a
material adverse effect on the Trust's holders
of common shares or its ability to achieve its
investment objective. The Trust presently
anticipates that any Preferred Shares that it
may
issue would be initially given the highest
ratings by Moody's (Aaa) or by S&amp;P (AAA), but
no assurance can be given that such ratings will be
obtained. No minimum rating is required for
the issuance of Preferred Shares by the Trust. Moody's and
S&amp;P receive fees in connection with
their ratings issuances.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The percentage limitations
applicable to the Trust's portfolio described in the prospectus
and this Statement of Additional Information apply only at the time of
investment and the Trust will not be required to sell securities due to
subsequent changes in the value of securities it
owns.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">INVESTMENT POLICIES AND TECHNIQUES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following
information supplements the discussion of the Trust's investment
objective, policies and techniques that are described in the
prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Portfolio
Investments</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust will invest primarily in municipal
bonds,&nbsp;municipal securities and derivative
instruments with&nbsp;exposure to such bonds and
securities, in each case that&nbsp;are expected
to pay interest or income that is exempt from&nbsp;regular Federal income
tax.&nbsp;Substantially
all of the&nbsp;municipal bonds owned by the
Trust will be rated below&nbsp;investment grade;
however, because the Trust will have&nbsp;economic exposure to additional municipal bonds
through&nbsp;its ownership of residual interest
tender option bonds, at&nbsp;least 50% of
the Trust's economic exposure to investment&nbsp;securities will be to municipal bonds rated
investment&nbsp;grade
quality.</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Issuers of bonds of below investment grade
quality (&lsquo;&lsquo;Ba/BB&rsquo;&rsquo; or below) are regarded
as having current capacity to make principal and interest payments but
are subject to business, financial or economic conditions which could
adversely affect such payment capacity. Municipal bonds rated
&lsquo;&lsquo;Baa&rsquo;&rsquo; or
&lsquo;&lsquo;BBB&rsquo;&rsquo; are considered
&lsquo;&lsquo;investment grade&rsquo;&rsquo; securities; municipal
bonds rated &lsquo;&lsquo;Baa&rsquo;&rsquo; are considered medium
grade obligations which lack outstanding investment characteristics and
have speculative characteristics, while municipal bonds rated
&lsquo;&lsquo;BBB&rsquo;&rsquo; are regarded as having adequate
capacity to pay principal and interest. Municipal bonds rated
&lsquo;&lsquo;AAA&rsquo;&rsquo; in which the Trust may invest may
have been so rated on the basis of the existence of insurance
guaranteeing the timely payment, when due, of all principal and
interest. Municipal bonds rated below investment grade quality are
obligations of issuers that are considered predominantly speculative
with respect to the issuer's capacity to pay interest and repay
principal according to the terms of the obligation and, therefore,
carry greater investment risk, including the possibility of issuer
default and bankruptcy and increased market price volatility. Municipal
bonds rated below investment grade tend to be less marketable than
higher-quality bonds because the market for them is less broad. The
market for unrated municipal bonds is even narrower. During periods of
thin trading in these markets, the spread between bid and asked prices
is likely to increase significantly and the Trust may have greater
difficulty selling its portfolio securities. The Trust will be more
dependent on BlackRock's research and analysis when investing in
these securities.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A general description of Moody's,
S&amp;P's and Fitch's ratings of municipal bonds is set
forth in Appendix A hereto. The ratings of Moody's, S&amp;P and
Fitch represent their opinions as to the quality of the municipal bonds
they rate. It should be emphasized, however, that ratings are general
and are not absolute standards of quality. Consequently, municipal
bonds with the same maturity, coupon and rating may have different
yields while obligations of the same maturity and coupon with different
ratings may have the same yield.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Under normal market conditions,
the Trust will primarily invest in municipal bonds with
long-term maturities in order to maintain a portfolio
duration of 20 years or
more. Under normal market
conditions, the Trust's
municipal bond
portfolio will have a dollar-weighted average maturity of greater than
10 years. In comparison to maturity (which is the date on which the
issuer of a debt instrument is obligated to repay the principal
amount), duration is a measure of the price volatility of a debt
instrument as a result in changes in market rates of interest, based on
the weighted average timing of the instrument's expected
principal and interest payments. Duration differs from
maturity in that it takes into account a
security's yield, coupon payments and its principal payments in
addition to the amount of time until the security finally matures. As
the value of a security changes over time, so will its duration. Prices
of securities with longer durations tend to be more sensitive to
interest rate changes than securities with shorter durations. In
general, a portfolio of securities with a longer duration can be
expected to be more sensitive to interest rate changes than a portfolio
with a shorter duration.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">During
temporary defensive periods (e.g., times when, in BlackRock's
opinion, temporary imbalances of supply and demand or other temporary
dislocations in the tax-exempt bond market adversely affect the price
at which long-term or intermediate-term municipal bonds are available),
in order to keep cash on hand fully invested, including the
period during which the net proceeds of the offering are being
invested, the Trust may invest any percentage of its assets in
short-term investments including high quality, short-term securities
which may be either tax-exempt or taxable and securities of other open-
or closed-end investment companies that invest primarily in municipal
bonds of the type in which the Trust may invest directly. The Trust
intends to invest in taxable short-term </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
investments only in the event that suitable
tax-exempt temporary investments are not available at reasonable prices
and yields. Tax-exempt temporary investments include various
obligations issued by state and local governmental issuers, such as
tax-exempt notes (bond anticipation notes, tax anticipation notes and
revenue anticipation notes or other such municipal bonds maturing in
three years or less from the date of issuance) and municipal commercial
paper. The Trust will invest only in taxable temporary investments
which are U.S. government securities or securities rated within the
highest grade by Moody's, S&amp;P or Fitch, and which mature
within one year from the date of purchase or carry a variable or
floating rate of interest. Taxable temporary investments of the Trust
may include certificates of deposit issued by U.S. banks with assets of
at least $1 billion, commercial paper or corporate notes, bonds or
debentures with a remaining maturity of one year or less, or repurchase
agreements. See &lsquo;&lsquo;Other Investment Policies and
Techniques&mdash;Repurchase Agreements.&rsquo;&rsquo; To the extent
the Trust invests in taxable investments, the Trust will not at such
times be in a position to achieve its investment objective of
tax-exempt income.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The foregoing policies as to ratings of
portfolio investments will apply only at the time of the purchase of a
security and the Trust will not be required to dispose of securities in
the event Moody's, S&amp;P or Fitch downgrades its assessment of
the credit characteristics of a particular issuer.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Also included
within the general category of municipal bonds described in the
prospectus are participations in lease obligations or installment
purchase contract obligations of municipal authorities
or entities (hereinafter collectively called
&lsquo;&lsquo;Municipal Lease
Obligations&rsquo;&rsquo;). Although a Municipal
Lease Obligation does not constitute a general obligation of the
municipality for which the municipality's taxing power is
pledged, a Municipal Lease Obligation is ordinarily backed by the
municipality's covenant to budget for, appropriate and make the
payments due under the Municipal Lease Obligation. However, certain
Municipal Lease Obligations contain
&lsquo;&lsquo;non-appropriation&rsquo;&rsquo; clauses which provide
that the municipality has no obligation to make lease or installment
purchase payments in future years unless money is appropriated for such
purpose on a yearly basis. In the case of a
&lsquo;&lsquo;non-appropriation&rsquo;&rsquo; lease, the
Trust's ability to recover under the lease in the event of
non-appropriation or default will be limited solely to the repossession
of the leased property, without recourse to the general credit of the
lessee, and the disposition or re-leasing of the property might prove
difficult. In order to reduce this risk, the Trust will only purchase
Municipal Lease Obligations where BlackRock believes the issuer has a
strong incentive to continue making appropriations until maturity.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Obligations of issuers of municipal bonds are subject to the
provisions of bankruptcy, insolvency and other laws affecting the
rights and remedies of creditors, such as the Bankruptcy Reform Act of
1978, as amended. In addition, the
obligations of such issuers may become subject to the laws enacted in
the future by Congress, state legislatures or referenda extending the
time for payment of principal or interest, or both, or imposing other
constraints upon enforcement of such obligations or upon municipalities
to levy taxes. There is also the possibility that, as a result of
legislation or other conditions, the power or ability of any issuer to
pay, when due, the principal of and interest on its municipal bonds may
be materially affected.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In addition to the types of municipal
bonds described in the prospectus, the Trust may invest in other
securities that pay interest or income that is, or make other
distributions that are, exempt from
regular Federal income tax
and/or state and local taxes, regardless of the
technical structure of the issuer of the instrument. The Trust treats
all such tax-exempt securities as municipal bonds.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Short-Term
Taxable Fixed Income Securities</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For temporary defensive
purposes or to keep cash on hand fully invested, the Trust may invest
up to 100% of its total assets in cash equivalents and
short-term taxable fixed income securities, although the Trust intends
to invest in taxable short-term investments only in the event that
suitable tax-exempt short-term investments are not available at
reasonable prices and yields. Short-term taxable fixed income
investments are defined to include, without limitation, the
following:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(1) U.S. government securities,
including bills, notes and bonds differing as to maturity and rates of
interest that are either issued or guaranteed by the U.S. Treasury or
by U.S. government </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
agencies or instrumentalities. U.S. government
securities include securities issued by (a) the Federal Housing
Administration, Farmers Home Administration, Export-Import Bank of the
United States, Small Business Administration, and the Government
National Mortgage Association, whose securities are supported by the
full faith and credit of the United States; (b)  the Federal Home
Loan Banks, Federal Intermediate Credit Banks, and the Tennessee Valley
Authority, whose securities are supported by the right of the agency to
borrow from the U.S. Treasury; (c) the Federal National Mortgage
Association, whose securities are supported by the discretionary
authority of the U.S. government to purchase certain obligations of the
agency or instrumentality; and (d) the Student Loan Marketing
Association, whose securities are supported only by its credit. While
the U.S. government provides financial support to such U.S.
government-sponsored agencies or instrumentalities, no assurance can be
given that it always will do so since it is not so obligated by law.
The U.S. government, its agencies and instrumentalities do not
guarantee the market value of their securities. Consequently, the value
of such securities may fluctuate.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(2)
Certificates of deposit issued against funds deposited in a bank or a
savings and loan association. Such certificates are for a definite
period of time, earn a specified rate of return, and are normally
negotiable. The issuer of a certificate of deposit agrees to pay the
amount deposited plus interest to the bearer of the certificate on the
date specified thereon. Certificates of deposit purchased by the Trust
may not be fully insured by the Federal Deposit Insurance
Corporation.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(3) Repurchase agreements, which
involve purchases of debt securities. At the time the Trust purchases
securities pursuant to a repurchase agreement, it simultaneously agrees
to resell and redeliver such securities to the seller, who also
simultaneously agrees to buy back the securities at a fixed price and
time. This assures a predetermined yield for the Trust during its
holding period, since the resale price is always greater than the
purchase price and reflects an agreed-upon market rate. Such actions
afford an opportunity for the Trust to invest temporarily available
cash. The Trust may enter into repurchase agreements only with respect
to obligations of the U.S. government, its agencies or
instrumentalities; certificates of deposit; or bankers'
acceptances in which the Trust may invest. Repurchase agreements may be
considered loans to the seller, collateralized by the underlying
securities. The risk to the Trust is limited to the ability of the
seller to pay the agreed-upon sum on the repurchase date; in the event
of default, the repurchase agreement provides that the Trust is
entitled to sell the underlying collateral. If the value of the
collateral declines after the agreement is entered into, and if the
seller defaults under a repurchase agreement when the value of the
underlying collateral is less than the repurchase price, the Trust
could incur a loss of both principal and interest. BlackRock monitors
the value of the collateral at the time the action is entered into and
at all times during the term of the repurchase agreement. BlackRock
does so in an effort to determine that the value of the collateral
always equals or exceeds the agreed-upon repurchase price to be paid to
the Trust. If the seller were to be subject to a Federal bankruptcy
proceeding, the ability of the Trust to liquidate the collateral could
be delayed or impaired because of certain provisions of the bankruptcy
laws.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(4) Commercial paper, which consists of
short-term unsecured promissory notes, including variable rate master
demand notes issued by corporations to finance their current
operations. Master demand notes are direct lending arrangements between
the Trust and a corporation. There is no secondary market for such
notes. However, they are redeemable by the Trust at any time. BlackRock
will consider the financial condition of the corporation (e.g., earning
power, cash flow and other liquidity ratios) and will continuously
monitor the corporation's ability to meet all of its financial
obligations, because the Trust's liquidity might be impaired if
the corporation were unable to pay principal and interest on demand.
Investments in commercial paper will be limited to commercial paper
rated in the highest categories by a major rating agency and which
mature within one year of the date of purchase or carry a variable or
floating rate of interest.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Short-Term Tax-Exempt Fixed Income
Securities</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Short-term tax-exempt fixed income securities are
securities that are exempt from regular
Federal income tax and mature within three years or
less from the date of issuance. Short-term tax-exempt fixed income
securities are defined to include, without limitation, the
following:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Bond Anticipation Notes
(&lsquo;&lsquo;BANs&rsquo;&rsquo;) are usually general obligations
of state and local governmental issuers which are sold to obtain
interim financing for projects that will eventually be funded through
the sale of long-term debt obligations or bonds. The ability of an
issuer to meet its obligations on its BANs is primarily dependent on
the issuer's access to the long-term municipal bond market and
the likelihood that the proceeds of such bond sales will be used to pay
the principal and interest on the BANs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Tax Anticipation Notes
(&lsquo;&lsquo;TANs&rsquo;&rsquo;) are issued by state and local
governments to finance the current operations of such governments.
Repayment is generally to be derived from specific future tax revenues.
TANs are usually general obligations of the issuer. A weakness in an
issuer's capacity to raise taxes due to, among other things, a
decline in its tax base or a rise in delinquencies could adversely
affect the issuer's ability to meet its obligations on
outstanding TANs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Revenue Anticipation Notes
(&lsquo;&lsquo;RANs&rsquo;&rsquo;) are issued by governments or
governmental bodies with the expectation that future revenues from a
designated source will be used to repay the notes. In general, they
also constitute general obligations of the issuer. A decline in the
receipt of projected revenues, such as anticipated revenues from
another level of government, could adversely affect an issuer's
ability to meet its obligations on outstanding RANs. In addition, the
possibility that the revenues would, when received, be used to meet
other obligations could affect the ability of the issuer to pay the
principal and interest on RANs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Construction Loan Notes are
issued to provide construction financing for specific projects.
Frequently, these notes are redeemed with funds obtained from the
Federal Housing Administration.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Bank Notes are notes issued by
local government bodies and agencies to commercial
banks as evidence of borrowings. The purposes for which the notes are
issued are varied but they are frequently issued to meet short-term
working capital or capital-project needs. These notes may have risks
similar to the risks associated with TANs and RANs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Tax-Exempt
Commercial Paper (&lsquo;&lsquo;municipal paper&rsquo;&rsquo;)
represents very short-term unsecured, negotiable promissory notes,
issued by states, municipalities and their agencies. Payment of
principal and interest on issues of municipal paper may be made from
various sources, to the extent the funds are available therefrom.
Maturities on municipal paper generally will be shorter than the
maturities of TANs, BANs or RANs. There is a limited secondary market
for issues of municipal paper.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Certain municipal bonds may carry
variable or floating rates of interest whereby the rate of interest is
not fixed but varies with changes in specified market rates or indices,
such as a bank prime rate or tax-exempt money market indices.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">While the various types of notes described above as a group
represent the major portion of the tax-exempt note market, other types
of notes are available in the marketplace and the Trust may invest in
such other types of notes to the extent permitted under its investment
objective, policies and limitations. Such notes may be issued for
different purposes and may be secured differently from those mentioned
above.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Strategic Transactions and Risk Management</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Consistent with its investment objective and
policies set forth in the prospectus , the Trust
may also enter into certain risk management transactions. In
particular, the Trust may purchase and sell futures contracts, exchange
listed and over-the-counter put and call options on securities, equity
and other indices and futures contracts, forward foreign currency
contracts, and may enter into various interest rate transactions
(collectively, &lsquo;&lsquo;Strategic Transactions&rsquo;&rsquo;).
Strategic Transactions may be used to attempt to protect against
possible changes in the market value of the Trust&rsquo;s portfolio
resulting from fluctuations in the securities markets and changes in
interest rates, to protect the Trust&rsquo;s unrealized </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
gains in the value of its portfolio
securities, to facilitate the sale of such securities for investment
purposes and to establish a position in the securities markets as a
temporary substitute for purchasing particular securities. Any or all
of these Strategic Transactions may be used at any time. There is no
particular strategy that requires use of one technique rather than
another. Use of any Strategic Transaction is a function of market
conditions. The ability of the Trust to manage them successfully will
depend on BlackRock&rsquo;s ability to predict pertinent market
movements as well as sufficient correlation among the instruments,
which cannot be assured. The Strategic Transactions that the Trust may
use are described below. Although the Trust recognizes it is not likely
that it will use certain of these strategies in light of its investment
policies, it nevertheless describes them here because the Trust may
seek to use these strategies in certain circumstances.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Interest Rate Transactions.</font>&emsp;Among the Strategic
Transactions in which the Trust may enter into are interest rate swaps
and the purchase or sale of interest rate caps and floors. The Trust
expects to enter into these transactions primarily to preserve a return
or spread on a particular investment or portion of its portfolio as a
duration management technique or to protect against any increase in the
price of securities the Trust anticipates purchasing at a later date.
The Trust intends to use these transactions for risk management
purposes and not as a speculative investment. The Trust will not sell
interest rate caps or floors that it does not own. Interest rate swaps
involve the exchange by the Trust with another party of their
respective commitments to pay or receive interest, e.g., an exchange of
floating rate payments for fixed rate payments with respect to a
notional amount of principal. The purchase of an interest rate cap
entitles the purchaser, to the extent that a specified index exceeds a
predetermined interest rate, to receive payments of interest on a
notional principal amount from the party selling such interest rate
cap. The purchase of an interest rate floor entitles the purchaser, to
the extent that a specified index falls below a predetermined interest
rate, to receive payments of interest on a notional principal amount
from the party selling such interest rate floor.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust may
enter into interest rate swaps, caps and floors on either an asset
based or liability-based basis, depending on whether it is offsetting
volatility with respect to its assets or liabilities, and will usually
enter into interest rate swaps on a net basis, i.e., the two payment
streams are netted out, with the Trust receiving or paying, as the case
may be, only the net amount of the two payments on the payment dates.
Inasmuch as these Strategic Transactions are
entered into for good
faith risk management purposes. BlackRock and the Trust believe such
obligations do not constitute senior securities, and, accordingly will
not treat them as being subject to its borrowing restrictions. The
Trust will accrue the net amount of the excess, if any, of the
Trust&rsquo;s obligations over its entitlements with respect to each
interest rate swap on a daily basis and will designate on its books and
records with a custodian an amount of cash or liquid high grade
securities having an aggregate net asset value at all times at least
equal to the accrued excess. The Trust will not enter into any interest
rate swap, cap or floor transaction unless the unsecured senior debt or
the claims paying ability of the other party thereto is rated in the
highest rating category of at least one nationally recognized
statistical rating organization at the time of entering into such
transaction. If there is a default by the other party to such a
transaction, the Trust will have contractual remedies pursuant to the
agreements related to the transaction. The swap market has grown
substantially in recent years with a large number of banks and
investment banking firms acting both as principals and as agents
utilizing standardized swap documentation. Caps and floors are more
recent innovations for which standardized documentation has not yet
been developed and, accordingly, they are less liquid than swaps.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Futures Contracts and Options on Futures Contracts.</font>&emsp;In
connection with its Strategic Transactions and other risk management
strategies, the Trust may also enter into contracts for the purchase or
sale for future delivery (&lsquo;&lsquo;futures
contracts&rsquo;&rsquo;) of debt securities, aggregates of debt
securities or indices or prices thereof, other financial indices and
U.S. government debt securities or options on the above. The Trust will
ordinarily engage in such transactions only for bona fide hedging, risk
management (including duration management) and other portfolio
management purposes. However, the Trust is also permitted to enter into
such transactions for non-hedging purposes to enhance income or gain,
in accordance with the rules and regulations of the CFTC, which
currently </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-8</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
provide that no such transaction may be
entered into if at such time more than 5% of the Trust's
net assets would be posted as initial margin and premiums with respect
to such non-hedging transactions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Calls on Securities,
Indices and Futures Contracts.</font>&emsp;In order to enhance income or
reduce fluctuations on net asset value, the Trust may sell or purchase
call options (&lsquo;&lsquo;calls&rsquo;&rsquo;) on municipal bonds
and indices based upon the prices of futures contracts and debt
securities that are traded on U.S. and foreign securities exchanges and
in the over-the-counter markets. A call option gives the purchaser of
the option the right to buy, and obligates the seller to sell, the
underlying security, futures contract or index at the exercise price at
any time or at a specified time during the option period. All such
calls sold by the Trust must be &lsquo;&lsquo;covered&rsquo;&rsquo;
as long as the call is outstanding (i.e., the Trust must own the
securities or futures contract subject to the call or other securities
acceptable for applicable escrow requirements). A call sold by the
Trust exposes the Trust during the term of the option to possible loss
of opportunity to realize appreciation in the market price of the
underlying security, index or futures contract and may require the
Trust to hold a security or futures contract which it might otherwise
have sold. The purchase of a call gives the Trust the right to buy a
security, futures contract or index at a fixed price. Calls on futures
on municipal bonds must also be covered by assets or instruments
acceptable under applicable segregation and coverage requirements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Puts on Securities, Indices and Futures Contracts.</font>&emsp;The
Trust may purchase put options (&lsquo;&lsquo;puts&rsquo;&rsquo;)
that relate to municipal bonds (whether or not it holds such securities
in its portfolio), indices or futures contracts. The Trust may also
sell puts on municipal bonds, indices or futures contracts on such
securities if the Trust's contingent obligations on such puts are
secured by segregated assets consisting of cash or liquid high grade
debt securities having a value not less than the exercise price. The
Trust will not sell puts if, as a result, more than 50% of the
Trust's total assets would be required to cover its potential
obligations under its hedging and other investment transactions. In
selling puts, there is a risk that the Trust may be required to buy the
underlying security at a price higher than the current market
price.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Municipal Market Data Rate Locks.</font>&emsp;The Trust
may purchase and sell Municipal Market Data Rate Locks
(&lsquo;&lsquo;MMD Rate Locks&rsquo;&rsquo;). An MMD Rate Lock
permits the Trust to lock in a specified municipal interest rate for a
portion of its portfolio to preserve a return on a particular
investment or a portion of its portfolio as a duration management
technique or to protect against any increase in the price of securities
to be purchased at a later date. The Trust will ordinarily use these
transactions as a hedge or for duration or risk management although it
is permitted to enter into them to enhance income or gain. An MMD Rate
Lock is a contract between the Trust and an MMD Rate Lock provider
pursuant to which the parties agree to make payments to each other on a
notional amount, contingent upon whether the Municipal Market Data AAA
General Obligation Scale is above or below a specified level on the
expiration date of the contract. As used in this
Statement of Additional Information, the AAA General Obligation Scale
refers to the mean of AAA rated
state
general obligations. For example, if the Trust buys an MMD
Rate Lock and the Municipal Market Data AAA General Obligation Scale is
below the specified level on the expiration date, the counterparty to
the contract will make a payment to the Trust equal to the specified
level minus the actual level, multiplied by the notional amount of the
contract. If the Municipal Market Data AAA General Obligation Scale is
above the specified level on the expiration date, the Trust will make a
payment to the counterparty equal to the actual level minus the
specified level, multiplied by the notional amount of the contract. In
entering into MMD Rate Locks, there is a risk that municipal yields
will move in the direction opposite of the direction anticipated by the
Trust. The Trust will not enter into MMD Rate Locks if, as a result,
more than 50% of its total assets would be required to cover its
potential obligations under its hedging and other investment
transactions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Appendix B contains further information about the
characteristics, risks and possible benefits of Strategic Transactions
and the Trust's other policies and limitations (which are not
fundamental policies) relating to investment in futures contracts and
options. The principal risks relating to the use of futures contracts
and other Strategic Transactions are: (a) less than perfect correlation
between the prices of the instrument and the market value of the
securities in the Trust's portfolio; (b) possible lack of a
liquid secondary market for closing out a position in such instruments;
(c) losses resulting from interest rate or other market movements not
anticipated by BlackRock; and (d) the obligation to </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-9</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
meet additional variation margin or other
payment requirements, all of which could result in the Trust being in a
worse position than if such techniques had not been used.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Certain provisions of the Code may restrict or affect the ability of
the Trust to engage in Strategic Transactions. See &lsquo;&lsquo;Tax
Matters.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Short Sales</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust may make
short sales of bonds. A short sale is a transaction in which the Trust
sells a security it does not own in anticipation that the market price
of that security will decline. The Trust may make short sales to hedge
positions, for duration and risk management, in order to maintain
portfolio flexibility or to enhance income or gain.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">When the
Trust makes a short sale, it must borrow the security sold short and
deliver it to the broker-dealer through which it made the short sale as
collateral for its obligation to deliver the security upon conclusion
of the sale. The Trust may have to pay a fee to borrow particular
securities and is often obligated to pay over any payments received on
such borrowed securities.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust's obligation to
replace the borrowed security will be secured by collateral deposited
with the broker-dealer, usually cash, U.S. government securities or
other liquid securities. The Trust will also be required to earmark
similar collateral with its custodian to the extent, if any, necessary
so that the aggregate collateral value is at all times at least equal
to the current market value of the security sold short. Depending on
arrangements made with the broker-dealer from which it borrowed the
security regarding payment over of any payments received by the Trust
on such security, the Trust may not receive any payments (including
interest) on its collateral deposited with such broker-dealer.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the price of the security sold short increases between the time
of the short sale and the time the Trust replaces the borrowed
security, the Trust will incur a loss; conversely, if the price
declines, the Trust will realize a gain. Any gain will be decreased,
and any loss increased, by the transaction costs described above.
Although the Trust's gain is limited to the price at which it
sold the security short, its potential loss is theoretically
unlimited.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust will not make a short sale if, after giving
effect to such sale, the market value of all securities sold short
exceeds 25% of the value of its
net assets or the
Trust's aggregate short sales of a particular class of securities
exceeds 25% of the outstanding securities of that class. The
Trust may also make short sales &lsquo;&lsquo;against the
box&rsquo;&rsquo; without respect to such limitations. In this type
of short sale, at the time of the sale, the Trust owns or has the
immediate and unconditional right to acquire at no additional cost the
identical security.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">OTHER INVESTMENT POLICIES AND
TECHNIQUES</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Restricted and Illiquid Securities</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Certain
of the Trust's investments may be illiquid. Illiquid securities
are subject to legal or contractual restrictions on disposition or lack
an established secondary trading market. The sale of restricted and
illiquid securities often requires more time and results in higher
brokerage charges or dealer discounts and other selling expenses than
does the sale of securities eligible for trading on national securities
exchanges or in the over-the-counter markets. Restricted securities may
sell at a price lower than similar securities that are not subject to
restrictions on resale.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">When-Issued And Forward Commitment
Securities</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust may purchase
or sell securities on a
&lsquo;&lsquo;when-issued&rsquo;&rsquo; basis and may purchase or
sell securities on a
&lsquo;&lsquo;forward commitment&rsquo;&rsquo; basis in order to
acquire the security or to offset against anticipated changes in
interest rates and prices. When such transactions are negotiated, the
price, which is generally expressed in yield terms, is fixed at the
time the commitment is made, but delivery and payment for the
securities take place at a later date. When-issued securities and
forward commitments may be sold prior to the settlement date, but the
Trust will enter into when-issued and </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-10</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
forward commitments only with the intention
of actually receiving or delivering the securities, as the case may be.
If the Trust disposes of the right to acquire a when-issued
security prior to its
acquisition or disposes of its right to deliver or receive against a
forward commitment, it might incur a gain or loss. At the time the
Trust enters into a transaction on a when-issued or forward commitment
basis, it will designate on its books and records cash or liquid debt
securities equal to at least the value of the when-issued or forward
commitment securities. The value of these assets will be monitored
daily to ensure that their marked to market value will at all times
equal or exceed the corresponding obligations of the Trust. There is
always a risk that the securities may not be delivered and that the
Trust may incur a loss. Settlements in the ordinary course, which may
take substantially more than five business days, are not treated by the
Trust as when-issued or forward commitment transactions and accordingly
are not subject to the foregoing restrictions.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Borrowing</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Although it has no present intention of doing so, the Trust reserves
the right to borrow funds to the extent permitted as described under
the caption &lsquo;&lsquo;Investment Objective and
Policies&mdash;Investment Restrictions.&rsquo;&rsquo; The proceeds
of borrowings may be used for any valid purpose including, without
limitation, liquidity, investments and repurchases of shares of the
Trust. Borrowing is a form of leverage and, in that respect, entails
risks comparable to those associated with the issuance of Preferred
Shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Reverse Repurchase Agreements</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust may
enter into reverse repurchase agreements with respect to its portfolio
investments subject to the investment restrictions set forth herein.
Reverse repurchase agreements involve the sale of securities held by
the Trust with an agreement by the Trust to repurchase the securities
at an agreed upon price, date and interest payment. At the time the
Trust enters into a reverse repurchase agreement, it
will designate on its
books and records liquid instruments having a value not less than the
repurchase price (including accrued interest). If the Trust establishes
and maintains such a segregated account, a reverse repurchase agreement
will not be considered a borrowing by the Trust; however, under certain
circumstances in which the Trust does not establish and maintain such a
segregated account, such reverse repurchase agreement will be
considered a borrowing for the purpose of the Trust's limitation
on borrowings. The use by the Trust of reverse repurchase agreements
involves many of the same risks of leverage since the proceeds derived
from such reverse repurchase agreements may be invested in additional
securities. Reverse repurchase agreements involve the risk that the
market value of the securities acquired in connection with the reverse
repurchase agreement may decline below the price of the securities the
Trust has sold but is obligated to repurchase. Also, reverse repurchase
agreements involve the risk that the market value of the securities
retained in lieu of sale by the Trust in connection with the reverse
repurchase agreement may decline in price.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the buyer of
securities under a reverse repurchase agreement files for bankruptcy or
becomes insolvent, such buyer or its trustee or receiver may receive an
extension of time to determine whether to enforce the Trust's
obligation to repurchase the securities, and the Trust's use of
the proceeds of the reverse repurchase agreement may effectively be
restricted pending such decision. Also, the Trust would bear the risk
of loss to the extent that the proceeds of the reverse repurchase
agreement are less than the value of the securities subject to such
agreement.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Repurchase Agreements</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As temporary
investments, the Trust may invest in repurchase agreements. A
repurchase agreement is a contractual agreement whereby the seller of
securities agrees to repurchase the same security at a specified price
on a future date agreed upon by the parties. The agreed-upon repurchase
price determines the yield during the Trust's holding period.
Repurchase agreements are considered to be loans collateralized by the
underlying security that is the subject of the repurchase contract. The
Trust will only enter into repurchase agreements with registered
securities dealers or domestic banks </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-11</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
that, in the opinion of BlackRock, present
minimal credit risk. The risk to the Trust is limited to the ability of
the issuer to pay the agreed-upon repurchase price on the delivery
date; however, although the value of the underlying collateral at the
time the transaction is entered into always equals or exceeds the
agreed-upon repurchase price, if the value of the collateral declines
there is a risk of loss of both principal and interest. In the event of
default, the collateral may be sold but the Trust might incur a loss if
the value of the collateral declines, and might incur disposition costs
or experience delays in connection with liquidating the collateral. In
addition, if bankruptcy proceedings are commenced with respect to the
seller of the security, realization upon the collateral by the Trust
may be delayed or limited. BlackRock will monitor the value of the
collateral at the time the transaction is entered into and
throughout the term of
the repurchase agreement in an effort to determine that such value
always equals or exceeds the agreed-upon repurchase price. In the event
the value of the collateral declines below the repurchase price,
BlackRock will demand additional collateral from the issuer to increase
the value of the collateral to at least that of the repurchase price,
including interest.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Zero Coupons and Deferred Payment
Obligations</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust may invest in zero-coupon bonds, which are
normally issued at a significant discount from face value and do not
provide for periodic interest payments. Zero-coupon bonds may
experience greater volatility in market value than similar maturity
debt obligations which provide for regular interest payments.
Additionally, current federal tax law requires the holder of certain
zero-coupon bonds to accrue income with respect to these securities
prior to the receipt of cash payments. To maintain its qualification as
a regulated investment company and to potentially avoid liability for
federal income and excise taxes, the Trust may be required to
distribute income accrued with respect to these securities and may have
to dispose of Trust securities under disadvantageous circumstances in
order to generate cash to satisfy these distribution
requirements.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust may invest in deferred
payment securities. Deferred
payment securities are
securities that remain zero-coupon
securities until a predetermined date, at which time the
stated coupon rate becomes effective and interest becomes payable at
regular intervals. Deferred payment
securities are subject to greater fluctuations in value and
may have lesser liquidity in the event of adverse market conditions
than comparably rated securities paying cash interest at regular
interest payment periods.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Lending of Securities</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Trust may lend its portfolio securities to banks or dealers which meet
the creditworthiness standards established by the board of trustees of
the Trust (&lsquo;&lsquo;Qualified Institutions&rsquo;&rsquo;). By
lending its portfolio securities, the Trust attempts to increase its
income through the receipt of interest on the loan. Any gain or loss in
the market price of the securities loaned that may occur during the
term of the loan will be for the account of the Trust. The Trust may
lend its portfolio securities so long as the terms and the structure of
such loans are not inconsistent with the
requirements of the Investment Company Act, which currently
require that (i) the borrower pledge and maintain with the Trust
collateral consisting of cash, a letter of credit issued by a domestic
U.S. bank, or securities issued or guaranteed by the U.S. government
having a value at all times not less than 100% of the value of
the securities loaned, (ii) the borrower add to such collateral
whenever the price of the securities loaned rises (i.e., the value of
the loan is &lsquo;&lsquo;marked to the market&rsquo;&rsquo; on a
daily basis), (iii) the loan be made subject to termination by the
Trust at any time and (iv) the Trust receive reasonable interest on the
loan (which may include the Trust's investing any cash collateral
in interest bearing short-term investments), any distributions on the
loaned securities and any increase in their market value. The Trust
will not lend portfolio securities if, as a result, the aggregate of
such loans exceeds 33 1/3% of the value of the Trust's
total assets (including such loans). Loan arrangements made by the
Trust will comply with all other applicable regulatory requirements,
including the rules of the New York Stock Exchange
which rules presently require the borrower, after notice, to redeliver
the securities within the normal settlement time of five business days.
All relevant facts and circumstances, including the creditworthiness of
the Qualified Institution, will be monitored by BlackRock, and will be
considered in making decisions with respect to lending securities,
subject to review by the Trust's board of trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-12</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust may pay reasonable negotiated
fees in connection with loaned securities, so long as such fees are set
forth in a written contract and approved by the Trust's board of
trustees. In addition, voting rights may pass with the loaned
securities, but if a material event were to occur affecting such a
loan, the loan must be called and the securities
voted.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">MANAGEMENT OF THE
TRUST</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Investment Management
Agreement</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Although BlackRock Advisors intends to devote such
time and effort to the business of the Trust as is reasonably necessary
to perform its duties to the Trust, the services of BlackRock Advisors
are not exclusive and BlackRock Advisors provides similar services to
other investment companies and other clients
and may engage in other
activities.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The investment management
agreement also provides that in the absence of willful misfeasance, bad
faith, gross negligence or reckless disregard of its obligations
thereunder, BlackRock Advisors is not liable to the Trust or any of the
Trust's shareholders for any act or omission by BlackRock
Advisors in the supervision or management of its respective investment
activities or for any loss sustained by the Trust or the Trust's
shareholders and provides for indemnification by the Trust of BlackRock
Advisors, its directors, officers, employees, agents and control
persons for liabilities incurred by them in connection with their
services to the Trust, subject to certain limitations and
conditions.</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The investment management
agreement and certain scheduled waivers of the investment advisory fees
were approved by the Trust's board of trustees at an
"in person" meeting of the board of trustees
held on January
17,
2006
including a majority of the trustees who are not parties to the
agreement or interested persons of any such party (as such term is
defined in the Investment Company Act). This agreement provides for the
Trust to pay a management fee at an annual rate equal to 1.00%
of the average weekly value of the Trust's net assets. A related
waiver letter from BlackRock
Advisors provided for temporary fee waiver
of .40%
of the average
weekly value of the Trust's net assets in each of the first five
years of the Trust's operations (through January 31, 2011) and
for a declining amount for an additional three years (through January
31, 2014). In approving this agreement the board of trustees
considered, among other things, the nature and quality of services to
be provided by BlackRock Advisors, the profitability to BlackRock
Advisors of its relationship with the Trust, economies of scale and
comparative fees and expense
ratios.</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The investment management
agreement and the
waivers of the management fees were approved by the sole common
shareholder of the Trust as of
January
17,
2006.
The investment management agreement will continue in effect for a
period of two years from its effective date, and if not sooner
terminated, will continue in effect for successive periods of 12 months
thereafter, provided that each continuance is specifically approved at
least annually by both (1) the vote of a majority of the Trust's
board of trustees or the vote of a majority of the
securities of the Trust
at the time outstanding and entitled to vote (as such term is defined
in the Investment Company Act) and (2) by the vote of a majority of the
trustees who are not parties to the investment management agreement or
interested persons (as such term is defined in the Investment Company
Act) of any such
party, cast in
person at a meeting called for the purpose of voting on such approval.
The investment management agreement may be terminated as a whole at any
time by the Trust, without the payment of any penalty, upon the vote of
a majority of the Trust's board of trustees or a majority of the
outstanding voting securities of the Trust or by BlackRock Advisors, on
60 days' written notice by either party to the other which can be
waived by the non-terminating party. The investment management
agreement will terminate automatically in the event of its assignment
(as such term is defined in the Investment Company Act and the rules
thereunder).</p>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Sub-Investment Advisory
Agreement</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">BlackRock Financial
Management, the Sub-Advisor, is a wholly owned subsidiary of BlackRock,
Inc. Pursuant to the sub-investment advisory agreement, BlackRock
Advisors has appointed </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-13</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
BlackRock Financial Management, one of its
affiliates, to perform certain of the day-to-day investment management
of the Trust. BlackRock Financial Management will receive a portion of
the management fee paid by the Trust to BlackRock Advisors. From the
management fees, BlackRock Advisors will pay BlackRock Financial
Management, for serving as Sub-Advisor, a fee equal to:
(i)  prior
to January 31, 2007, 38% of the monthly management fees received
by BlackRock
Advisors;
(ii)  from
January 31, 2007 to January 31,
2008,
19% of the monthly management fees received by BlackRock
Advisors; and (iii) after January 31, 2008, 0% of the management
fees received by BlackRock Advisors; provided thereafter that
BlackRock
Financial
Management may be compensated at cost for
any services rendered to the Trust at the request of BlackRock Advisors
and approved of by the board of
trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The sub-investment advisory
agreement also provides that, in the absence of willful misfeasance,
bad faith, gross negligence or reckless disregard of its obligations
thereunder, the Trust will indemnify BlackRock Financial Management,
its directors, officers, employees, agents, associates and control
persons for liabilities incurred by them in connection with their
services to the Trust, subject to certain
limitations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Although BlackRock
Financial Management intends to devote such time and effort to the
business of the Trust as is reasonably necessary to perform its duties
to the Trust, the services of BlackRock Financial Management are not
exclusive and BlackRock Financial Management provides similar services
to other investment companies and other clients and may engage in other
activities.</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The sub-investment
advisory agreement was approved by the Trust's board of trustees
at an "in person" meeting held on
January
17, 2006, including a majority of the
trustees who are not parties to the agreement or interested persons of
any such party (as such term is defined in the Investment Company Act).
In approving this agreement the board of trustees considered, among
other things, the nature and quality of services to be provided by
BlackRock Financial Management, the profitability to BlackRock
Financial Management of its relationship with the Trust, economies of
scale and comparative fees and expense
ratios.</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The sub-investment advisory
agreement was approved by the sole common shareholder of the Trust as
of January
17,
2006.
The sub-investment advisory agreement will continue in effect for a
period of two years from its effective date, and if not sooner
terminated, will continue in effect for successive periods of 12 months
thereafter, provided that each continuance is specifically approved at
least annually by both (1) the vote of a majority of the Trust's
board of trustees or the vote of a majority of the outstanding voting
securities of the Trust at the time outstanding and entitled to vote
(as defined in the Investment Company Act) and (2) by the vote of a
majority of the trustees who are not parties to such agreement or
interested persons (as such term is defined in the Investment Company
Act) of any such party, cast in person at a meeting called for the
purpose of voting on such approval. The sub-investment advisory
agreement may be terminated as a whole at any time by the Trust or by
BlackRock Advisors without the payment of any penalty, upon the vote of
a majority of the Trust's board of trustees or a majority of the
outstanding voting securities of the Trusts, or BlackRock Financial
Management, on 60 days' written notice by any party to the other
(which may be waived by the non-terminating
party). The
sub-investment advisory agreement will also
terminate automatically in the event of its assignment (as such term is
defined in the Investment Company Act and the rules
thereunder).</p>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Information Received by the
Board</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In considering the
Trust's investment
management and sub-investment advisory agreements, the board of
trustees received information specifically related to the approval of
the investment management and sub-advisory agreements including
information regarding: (i) the team of investment advisory personnel
assigned to the Trust; (ii) the structure, expertise and finances of
BlackRock Advisors, BlackRock Financial Management and their parent
companies; (iii) the
Trust's management
fee and total operating expenses as compared to
funds with similar investment policies and
strategies selected by Lipper, Inc.; (iv)
BlackRock's
profitability with respect to other funds in the BlackRock family of
closed-end funds; (v)
BlackRock's overall
profitability as compared with available industry </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-14</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
data; (vi) certain direct and indirect
&lsquo;&lsquo;fallout&rsquo;&rsquo; benefits to BlackRock from its
relationship with the Trust; and (vii)
BlackRock's
policies and procedures in respect of execution of portfolio
transactions. Periodically, the trustees, in connection with their
duties as trustees or directors of other funds in the BlackRock family
of closed-end funds, have received other information including general
information regarding
BlackRock's
management of relationships with service providers and resources
devoted to compliance with such
funds' investment
objectives and polices and other matters.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Matters Considered by
the Board</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In considering the investment management and
sub-investment advisory agreements, the board of trustees, including
the non-interested trustees, did not identify any factor as
all-important or all-controlling and instead considered these factors
collectively in light of all of the
Trust's surrounding
circumstances. Matters considered by the board of trustees, including
the non-interested trustees, in approving
the investment management and sub-advisory agreements included the
following:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Nature and Quality of Investment Advisory and
Sub-Advisory Services.</font>&emsp;The board of trustees, including the
non-interested trustees, considered the nature and quality of the
services to be provided by BlackRock Advisors and BlackRock Financial
Management, respectively, to the Trust. In this connection the board
reviewed:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">BlackRock's
compliance record, including whether other funds advised or sub-advised
by BlackRock Advisors or BlackRock Financial Management have operated
within their investment objectives, policies and restrictions;
and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">the resources of BlackRock Advisors
and BlackRock Financial Management and the size, education and
experience of the
Trust's portfolio
management team and BlackRock
Advisors' and
BlackRock Financial
Management's use of
technology and their approach to recruiting, training and retaining
portfolio managers and other research, advisory and management
personnel.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Nature and Quality of Other
Services.</font>&emsp;The board of trustees, including the
non-interested trustees, considered the nature, quality, cost and
extent of administrative and shareholder services to be performed by
BlackRock under the investment management
agreement and sub-investment advisory
agreement. The board of trustees, including the
non-interested trustees, also considered the nature and extent of
BlackRock's
supervision of third party service providers.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Fees and
Expenses</font>.&nbsp;&nbsp;&nbsp;&nbsp;The board of trustees, including the non-interested
trustees, considered the Trust's management fee and expense ratio
in comparison to the management fee and expense ratios of two peer
groups of funds.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The first peer group selected for the Trust was
the General Municipal Debt Funds group. The peer group contained 65
closed-end funds (including the Trust). All of the funds in the peer
group used leverage.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The peer group comparison was done within
four sub-categories of fees and expenses: (i)  management fee
after fee waivers; (ii) management fee before fee waivers; (iii) total
expenses after fee waivers; and (iv) total expenses before fee waivers.
Each comparison was done both with and without giving effect to
leverage for each fund in the peer group, because leverage increases
the effective management fee and other expenses paid by the holders of
the common shares of a fund if the management fee or other expenses are
payable on total managed assets. In this connection, the board of
trustees noted that, because the proposed 1.00% management fee
would be paid only on net assets, the fee was approximately equivalent
to the Trust paying a management fee of 0.67% on total managed
assets, assuming that the Trust borrowed money for investment purposes
in an amount equal to 33% of its total managed assets. The board
of trustees also noted that, if the Trust did not invest in residual
tender option bonds, that the Trust likely would be required to borrow
money for investment purposes in an amount equal to at least 33%
of its total managed assets.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">When compared to funds in the peer
group and after giving effect to leverage, when ranked from lowest fee
to highest fee, the Trust ranked as follows within each of the four
sub-categories: (i) 14th </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-15</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
out of 65 (14 basis points below
the median and 13 basis points below the average); (ii)
46th out of 65 (five basis points above the
median and seven basis points above the average); (iii)
12th out of 65 (30 basis points below the
median and 25 basis points below the average); and (iv)
47th out of 65 (four basis points above the
median and six basis points above the average).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">When compared to
funds in the peer group assuming no leverage was used by any of the
funds, when ranked from lowest fee to highest fee, the Trust ranked as
follows within each of the four sub-categories of fees and expenses:
(i) 35th out of 65 (three basis points above
the median and six basis points above the average); (ii)
65th out of 65 (38 basis points above the
median and 40 basis points above the average); (iii) 39th
out of 65 (three basis points above the
median and five basis points above the average); and (iv) 64th
out of 65 (39 basis points above the median
and 39 basis points above the average).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The second
peer group selected for the Trust was the High Yield Municipal Debt
Funds group. This peer group contained 16 closed-end funds (including
the Trust) and was selected because a significant portion of the
Trust's exposure to municipal bonds may be to municipal bonds
rated below investment grade.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The peer
group comparison was also done within four sub-categories of fees and
expenses: (i)  management fee after fee waivers; (ii) management
fee before fee waivers; (iii) total expenses after fee waivers; and
(iv) total expenses before fee waivers. Each comparison was done both
with and without giving effect to leverage for each fund in the peer
group, because leverage increases the effective management fee and
other expenses paid by the holders of the common shares of a fund if
the management fee or other expenses are payable on total managed
assets.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">When compared to funds in the
peer group and after giving effect to leverage, when ranked from lowest
fee to highest fee, the Trust ranked as follows within each of the four
sub-categories: (i) 4th out of
16 (21  basis points below the median
and 22 basis points below the average); (ii) 11th
out of 16 (10
basis points above the median and 13 basis points above the average);
(iii) 3rd out of 16
(19 basis points below the median and 23
points below the average); and (iv) 12th out
of 16 (seven basis points above the median
and 11 basis points above the average).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">When compared to funds in the peer group assuming no
leverage was used by any of the funds, when ranked from lowest fee to
highest fee, the Trust ranked as follows within each of the four
sub-categories of fees and expenses: (i) 4th
out of 16 (eight
basis points below the median and five basis points below the average);
(ii) 16th out of
16 (31 basis points above the median and 30
basis points above the average); (iii) 3rd
out of 16 (6 basis
points below the median and 6 basis point below the average); and (iv)
16th out of 16 (32
basis points above the median and 29 basis points above the
average).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Profitability.</font>&emsp;The board of
trustees, including the independent trustees, considered the level of
BlackRock's profits
in respect of the management of the BlackRock closed-end funds. The
board considered the potential for economies of scale in connection
with BlackRock
Advisors'
management of the BlackRock closed-end funds. It also considered the
profits realized from non-fund businesses which may benefit from or be
related to the
Trust's business.
The board of trustees, including the independent trustees, also
considered
BlackRock's profit
margins in comparison with available industry data.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Other
Benefits.</font>&emsp;The board of trustees, including the
non-interested trustees, also considered the benefits to BlackRock
associated with BlackRock and its affiliates providing non-advisory
services to the Trust, including administrative services. The board of
trustees, including the independent trustees, considered the intangible
benefits that accrue to BlackRock and its affiliates by virtue of their
relationship with the Trust, including potential benefits accruing to
BlackRock and its affiliates as a result of potentially stronger
relationships with members of the broker-dealer
community, increased name recognition of BlackRock and its affiliates,
enhanced sales of other investment funds and products sponsored by
BlackRock and its affiliates and increased assets under management
which may increase the benefits realized by BlackRock from soft dollar
arrangements with broker-dealers. The board also
considered the unquantifiable nature of these potential
benefits..</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-16</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Miscellaneous.</font>&emsp;During the
board of trustees'
deliberations in connection with its approval of the management fee,
the board of trustees was aware that BlackRock Advisors intended to pay
compensation, out of its own assets, to the lead underwriter and to
certain qualifying underwriters of the
Trust's common
shares and to employees of BlackRock Advisors and its affiliates that
participate in the offering of the
Trust's common
shares, the anticipated amounts of such compensation and the general
nature of the services to be rendered to BlackRock Advisors in
consideration of such compensation. The board of trustees also
considered whether the management fee met applicable standards in light
of the services provided by BlackRock Advisors, without regard to
whether BlackRock Advisors ultimately pays any portion of the
anticipated compensation to the underwriters. The board of trustees
considered the scale of
BlackRock's equity
management operations and the potential for economies of scale in the
context of the Trust. The board of trustees was informed
that BlackRock does not advise comparable institutional
accounts.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Conclusion</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Based on the information
reviewed and discussions held with respect to each of the foregoing
items, the board of trustees, including a majority of the
independent trustees,
approved in principle
each of the investment advisory agreement between
BlackRock Advisors and the Trust and the sub-advisory agreement among
BlackRock Advisors, BlackRock Financial Management and the Trust as in
the best interests of shareholders of the
Trust.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Trustees and
Officers</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The officers of the Trust manage its day-to-day
operations. The officers are directly responsible to the
Trust&rsquo;s board of
trustees which sets broad policies for the Trust and chooses its
officers. Below is a list of the trustees and officers of the Trust and
their present positions and principal occupations during the past five
years. Trustees who are interested persons of the Trust (as defined in
the Investment Company Act) are denoted by an asterisk (*). Trustees
who are independent trustees (as defined in the Investment Company Act)
(the &lsquo;&lsquo;Independent
Trustees&rsquo;&rsquo;)
are denoted without an asterisk. The business address of the Trust,
BlackRock Advisors and their board members and officers is 100 Bellevue
Parkway, Wilmington, Delaware 19809, unless specified otherwise
below.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The trustees listed below are either trustees or
directors of other closed-end funds in which BlackRock Advisors acts as
investment
advisor.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="81"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="132"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="59"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="129"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Address, Age and <font style="white-space: nowrap;">Position(s)</font> Held With
Registrant</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Term of<br> Office
and<br> Length of<br> Time
Served</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation<br>
During the Past Five Years and<br> Other
Affiliations</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br>
Portfolios in<br> Fund Complex<br> Overseen by<br>
Trustee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other Directorships<br> Held by
Trustee</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="11"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>INDEPENDENT<br>
TRUSTEES:</b></font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Andrew F.
Brimmer&emsp;<br>P.O. Box
4546<br>New York, NY
10163-4546<br>Age:
78<br> Lead
Trustee<br>Audit Committee
Chairman</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3
years<sup>(1)(2)</sup></font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President
of Brimmer &amp; Company, Inc., a Washington, D.C.-based economic and
financial consulting firm, also Wilmer D. Barrett Professor of
Economics, University of Massachusetts-Amherst.
Former member of the Board
of Governors of the Federal Reserve System. Former Chairman, District
of Columbia Financial Control
Board.</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="center" valign="t" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">56</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director
of CarrAmerica Realty Corporation and Borg-Warner Automotive.
Former Director of AirBorne
Express, BankAmerica Corporation (Bank of America), Bell South
Corporation, College Retirement Equities Fund (Trustee), Commodity
Exchange (Public Governor), Connecticut Mutual Life Insurance Company,
E.I. du Pont de Nemours &amp; Company, Equitable Life Assurance Society
of the United States, Gannett Company, Mercedes-Benz of North America,
MNC Financial Corporation (American Security Bank), NCM Capital
Management, Navistar International Corporation, PHH Corp. and UAL
Corporation (United Airlines).</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-17</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
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<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
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<td><img src="spacer.gif" height="1" width="132"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="59"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
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<td><img src="spacer.gif" height="1" width="129"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Address, Age and <font style="white-space: nowrap;">Position(s)</font> Held With
Registrant</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Term of<br> Office
and<br> Length of<br> Time
Served</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation<br>
During the Past Five Years and<br> Other
Affiliations</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br>
Portfolios in<br> Fund Complex<br> Overseen by<br>
Trustee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other Directorships<br> Held by
Trustee</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Richard
E. Cavanagh&emsp;<br>P.O. Box 4546<br>New
York, NY 10163-4546<br>Age:
59<br>Trustee<br>Audit
Committee Member</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3
years<sup>(1)(2)</sup></font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President and
Chief Executive Officer of The Conference Board, Inc., a leading global
business research organization, from 1995-present. Former Executive
Dean of the John F. Kennedy School of Government at Harvard University
from 1988-1995. Acting Director, Harvard Center for Business and
Government (1991-1993).
Former Partner (principal)
of McKinsey &amp; Company, Inc. (1980-1988). Former Executive Director
of Federal Cash Management, White House Office of Management and Budget
(1977-1979). Co-author, THE WINNING PERFORMANCE (best selling
management book published in 13 national
editions)</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">56</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Trustee:
Aircraft Finance Trust (AFT) and Educational Testing Service (ETS).
Director, Arch Chemical, Fremont Group and The Guardian Life Insurance
Company of
America.</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kent
Dixon&emsp;<br>P.O. Box
4546<br>New York, NY
10163-4546<br>Age:
68<br>Trustee<br>Audit
Committee Member</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3
years<sup>(1)(2)</sup></font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Consultant/Investor.
Former President and Chief Executive Officer of Empire Federal Savings
Bank of America and Banc PLUS Savings Association, former Chairman of
the Board, President and Chief Executive Officer of Northeast
Savings.</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">56</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Former
Director of ISFA (the owner of INVEST, a national securities brokerage
service designed for banks and thrift
institutions).</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Frank
J. Fabozzi&emsp;<br>P.O. Box
4546<br>New York, NY
10163-4546<br>Age:
57<br>Trustee<br>Audit
Committee Member</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3
years<sup>(1)(2)</sup></font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Consultant.
Editor of THE JOURNAL OF PORTFOLIO MANAGEMENT and Frederick Frank
Adjunct Professor of Finance at the School of Management at Yale
University. Author and editor of several books on fixed income
portfolio management. Visiting Professor of Finance and Accounting at
the Sloan School of Management, Massachusetts Institute of Technology
from 1986 to August
1992.</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">56</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director,
Guardian Mutual Funds Group<br>(18
portfolios).</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kathleen F.
Feldstein&emsp;<br>P.O. Box
4546<br>New York, NY
10163-4546<br>Age:
64<br>Trustee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3
years<sup>(1)(2)</sup></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">President of
Economic Studies, Inc., a Belmont, MA-based private economic consulting
firm, since 1987; Chair, Board of Trustees, McLean Hospital in Belmont,
MA</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">55</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director
of BellSouth Inc. and Knight Ridder, Inc.; Trustee of the Museum of
Fine Arts, Boston, and of the Committee for Economic Development;
Corporation Member, Partners HealthCare and Sherrill House; Member of
the Visiting Committee of the Harvard University Art Museums and of the
Advisory Board to the International School of Business at Brandeis
University.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-18</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
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<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="81"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="132"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="59"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="129"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Address, Age and <font style="white-space: nowrap;">Position(s)</font> Held With
Registrant</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Term of<br> Office
and<br> Length of<br> Time
Served</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation<br>
During the Past Five Years and<br> Other
Affiliations</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br>
Portfolios in<br> Fund Complex<br> Overseen by<br>
Trustee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other Directorships<br> Held by
Trustee</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">R. Glenn
Hubbard&emsp;<br>P.O. Box
4546<br>New York, NY
10163-4546<br>Age:
46<br>Trustee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3
years<sup>(1)(2)</sup></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dean of
Columbia Business School since July 1, 2004. Columbia faculty member
since 1988. Co-director of Columbia Business School&rsquo;s
Entrepreneurship Program 1994-1997. Visiting Professor at the John F.
Kennedy School of Government at Harvard University and the Harvard
Business School, as well as the University of Chicago. Visiting scholar
at the American Enterprise Institute in Washington and member of
International Advisory Board of the MBA Program of Ben-Gurion
University. Deputy Assistant Secretary of the U.S. Treasury Department
for Tax Policy from 1991-1993. Chairman of the U.S. Council of Economic
Advisers under the President of the United States
2001-2003.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">56</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director
of ADP, Dex Media, KKR Financial Corporation, and Ripplewood Holdings.
Member of Board of Directors of Duke Realty. Formerly on the advisory
boards of the Congressional Budget Office, the Council on
Competitiveness, the American Council on Capital Formation, the Tax
Foundation and the Center for Addiction and Substance Abuse. Trustee of
Fifth Avenue Presbyterian Church of New
York.</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">James Clayburn
LaForce, Jr.&emsp;<br>P.O. Box
4546<br>New York, NY
10163-4546<br>Age:
76<br>Trustee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3
years<sup>(1)(2)</sup></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dean Emeritus
of the John E. Anderson Graduate School of Management, University of
California since July 1, 1993. Acting Dean of the School of Business,
Hong Kong University of Science and Technology 1990-1993. From 1978 to
September 1993, Dean of the John E. Anderson Graduate School of
Management, University of
California.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">56</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director
of Payden &amp; Rygel Investment Trust, Metzler-Payden Investment
Trust, Advisors
Series Trust, Arena Pharmaceuticals, Inc. and CancerVax
Corporation. Former director of First
Nationwide Bank, Eli Lilly &amp; Company, National Intergroup, Rockwell
International, Cyprus Mines, Getty Oil Company, The Timken Company,
Jacobs Engineering Group, and Motor Cargo
Industries.</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff;" align="left" valign="top" colspan="7"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>INTERESTED
TRUSTEES:</b></font></td>
<td style="padding-top: 1pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 1pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 1pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 1pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Robert
S. Kapito*&emsp;<br>Age:
48<br>Trustee and
President</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3
years<sup>(1)(2)</sup></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice Chairman
of BlackRock, Inc. Head of the Portfolio Management Group. Also a
member of the Management Committee, the Investment Strategy Group, the
Fixed Income and Global Operating Committees and the Equity Investment
Strategy Group of BlackRock, Inc. Responsible for the portfolio
management of the Fixed Income, Domestic Equity and International
Equity, Liquidity, and Alternative Investment Groups of
BlackRock.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">56</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chairman
of the Hope &amp; Heroes Children&rsquo;s Cancer Fund. President of
the Board of Directors of Periwinkle National Theatre for Young
Audiences.</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Ralph L.
Schlosstein*&emsp;<br>Age:
54<br>Trustee and Chairman of the
Board</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3
years<sup>(1)(2)</sup></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director since
1999 and President of BlackRock, Inc. since its formation in 1998 and
of BlackRock, Inc.'s predecessor entities since 1988. Member of
the Management Committee and Investment Strategy Group of BlackRock,
Inc. Formerly, Managing Director of Lehman Brothers, Inc. and Co-head
of its Mortgage and Savings Institutions Group, Chairman and President
of the BlackRock Liquidity Funds and director of several of
BlackRock's alternative investment
vehicles.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">56</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Director
and Chairman of the Board of Anthracite Capital, Inc. Member of the
Visiting Board of Overseers of the John F. Kennedy School of Government
at Harvard University, a member of the board of the Financial
Institution Center of The Wharton School of the University of
Pennsylvania, a trustee of the American Museum of Natural History, a
trustee of Trinity School in New York City, a member of the Board of
Advisors of Marujupu LLC, and a trustee of New Visions for Public
Education, The Public Theater in New York City and the James Beard
Foundation. Formerly, a director of Pulte Corporation, the
nation's largest homebuilder, a Trustee of Denison University and
a member of Fannie Mae's Advisory
Council.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-19</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="81"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
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<td><img src="spacer.gif" height="1" width="1"></td>
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<td><img src="spacer.gif" height="1" width="129"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name,
Address, Age and <font style="white-space: nowrap;">Position(s)</font> Held With
Registrant</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Term of<br> Office
and<br> Length of<br> Time
Served</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation<br>
During the Past Five Years and<br> Other
Affiliations</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br>
Portfolios in<br> Fund Complex<br> Overseen by<br>
Trustee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Other Directorships<br> Held by
Trustee</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Walter
F.<br> Mondale(3)&emsp;<br>P.O. Box
4546<br>New York, NY
10163-4546<br>Age:
77<br>Trustee</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3
years<sup>(1)(2)</sup></font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Senior
Counsel, Dorsey &amp; Whitney LLP, a law firm (January 2004-present);
Partner, Dorsey &amp; Whitney LLP (December 1996-December 2003,
September 1987-August 1993). Formerly U.S. Ambassador to Japan
(1993-1996). Formerly, Vice President of the United States, U.S.
Senator and Attorney General of the State of Minnesota. 1984 Democratic
Nominee for President of the United
States.</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">56</font></td>
<td style="padding-top: 3pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 3pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chairman
of Panasonic Foundation&rsquo;s Board of Directors and Director of
United Health Foundation. Member of the Hubert H. Humphrey Institute of
Public Affairs Advisory Board, The Mike and Maureen Mansfield
Foundation and the Dean&rsquo;s Board of Visitors of the Medical
School at the University of
Minnesota.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">*</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">&lsquo;&lsquo;Interested
person&rsquo;&rsquo; of the Trust as defined in the Investment
Company Act. Messrs. Kapito and Schlosstein are interested persons due
to their employment with the investment advisor.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(1)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">After a trustee&rsquo;s initial term, each
trustee is expected to serve a three-year term concurrent with the
class of trustees for which he or she serves:</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="53"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 40pt">&mdash;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 416pt">Messrs. Cavanagh,
La Force and Hubbard, as Class I trustees, are expected to stand for
re-election at the Trust&rsquo;s 2008 annual meeting of
shareholders</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="53"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 40pt">&mdash;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 416pt">Messrs.
Schlosstein, Fabozzi and Mondale, and Ms. Feldstein, as Class II
trustees, are expected to stand for re-election at the Trust&rsquo;s
2006 annual meeting of shareholders</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="53"></td>
<td><img src="spacer.gif" height="1" width="549"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 40pt">&mdash;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 416pt">Messrs. Kapito,
Brimmer and Dixon, as Class III trustees, are expected to stand for
re-election at the Trust&rsquo;s 2007 annual meeting of
shareholders</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="572"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">(2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 433pt">Each trustee
has served in such capacity since the Trust&rsquo;s inception.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="572"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">(3)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 433pt">Mr. Mondale may be deemed an interested
person of one or more of the Trust&rsquo;s principal underwriters
because his law firm, Dorsey &amp; Whitney LLP, serves as legal counsel
to such principal underwriters. Because Mr. Mondale may be deemed an
interested person of certain of the Trust&rsquo;s principal
underwriters, he also may be deemed to be an interested person of the
Trust during the pendency of any securities offering by the Trust in
which such underwriters
participate.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:8pt;  width: 456pt; text-align: left; font-style: normal; line-height: 10pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">OFFICERS:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="105"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="90"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="261"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name
and Age&nbsp;</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Title
&nbsp;</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation During
the Past Five Years and Other
Affiliations&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Anne
F. Ackerley&emsp;<br>Age:
43</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vice
President</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="t" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing Director of
BlackRock, Inc. since 2000. Formerly, First Vice President and Chief
Operating Officer, Mergers and Acquisition Group at Merrill Lynch &amp;
Co. from 1997 to 2000; First Vice President and Chief Operating
Officer, Public Finance Group at Merrill Lynch &amp; Co. from 1995 to
1997; First Vice President, Emerging Markets Fixed Income Research at
Merrill Lynch &amp; Co. prior
thereto.</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Bartholomew&nbsp;A.
Battista&emsp;<br>Age:
46</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chief&nbsp;Compliance<br>
Officer</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Chief Compliance Officer and
Anti-Money Laundering Compliance Officer of BlackRock, Inc. since 2004.
Chief Compliance Officer and Anti-Money Laundering Compliance Officer
of the BlackRock Funds and the BlackRock Liquidity Funds since 2004.
Managing Director (since 2003), and Director (2000-2002) of BlackRock,
Inc. Compliance Officer at Moore Capital Management from
1995-1998.</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Henry&nbsp;Gabbay&emsp;<br>Age:
58</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Treasurer</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing
Director of BlackRock, Inc. and its predecessor
entities.</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">James&nbsp;Kong&emsp;<br>Age:
44</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Assistant&nbsp;Treasurer</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing
Director of BlackRock, Inc. and its predecessor
entities.</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vincent&nbsp;Tritto,&nbsp;Esq.&emsp;<br>Age:
44</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Secretary</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing
Director, Senior Counsel and Assistant Secretary of BlackRock, Inc.
(since January 2005) and Director, Senior Counsel and Assistant
Secretary (2002-2004) of BlackRock, Inc. Formerly, Executive Director
(2000-2002) and Vice President (1998-2000), Morgan Stanley &amp; Co.
Incorporated and Morgan Stanley Asset Management Inc. and officer of
various Morgan Stanley-sponsored investment vehicles; Counsel (1998)
and Associate (1988-1997), Rogers &amp; Wells LLP, New York, NY;
Foreign Associate (1992-1994), Asahi Law Offices/Masuda &amp; Ejiri,
Tokyo, Japan.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-20</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="105"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="90"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="261"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name
and Age&nbsp;</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Title
&nbsp;</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 9pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Principal Occupation During
the Past Five Years and Other
Affiliations&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Brian&nbsp;Kindelan,&nbsp;Esq.&emsp;<br>Age:
46</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Assistant
Secretary</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Managing Director and
Senior Counsel (since January 2005), Director and Senior Counsel
(2001-2004),and Vice President and Senior Counsel (1998-2000),
BlackRock, Inc.; Senior Counsel, PNC Bank Corp. from May 1995 to April
1998; Associate, Stradley Ronon Stevens &amp; Young, LLP from March
1990 to May
1995.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Share
Ownership</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="178"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="108"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="170"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name
of
Trustee&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Dollar
Range of Equity<br> Securities in the
Trust(*)</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Aggregate Dollar Range of
Equity Securities<br> Overseen by
Trustees
in the Family
of<br> Registered Investment
Companies(*)</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Andrew F.
Brimmer</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Richard E.
Cavanagh</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Kent
Dixon</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Frank J.
Fabozzi</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Kathleen F.
Feldstein</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$10,001-$50,000</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">R.
Glenn
Hubbard</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$50,000-$100,000</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Robert
S.
Kapito</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">James Clayburn La
Force,
Jr.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Walter F.
Mondale</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">over
$100,000</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Ralph L.
Schlosstein</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">over
$100,000</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left">(*)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">As
of February 28, 2005.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-left: 0pt; text-align: left"></font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt;  padding-bottom: 6pt;">The
trustees do not own shares
in the Trust as the Trust has no operating
history.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Compensation
of Trustees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The fees and expenses of
the Independent Trustees of the Trust are paid by the Trust. The
trustees who are members of the BlackRock organization receive no
compensation from the Trust. It is estimated that the Independent
Trustees will receive from the Trust the amounts set forth before the
Trust's calendar year ending December 31, 2006,
assuming the Trust will have been in existence for the full calendar
year.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="189"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="94"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="172"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Name
of Board
Member</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Estimated<br>Compensation<br>from
the
Trust</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Total
Compensation from the Trust and<br>Fund Complex Paid to Board
Members(1)</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Dr.
Andrew F.
Brimmer</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">5,600</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">310,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(3)(4)(5)</sup>&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Richard
E.
Cavanagh</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">4,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(2)</sup>&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">220,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(4)(5)</sup>&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kent
Dixon</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">4,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(2)</sup>&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">220,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(4)(5)</sup>&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Frank
J.
Fabozzi</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">4,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(2)</sup>&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">220,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(4)(5)</sup>&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Kathleen
F.
Feldstein</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">3,400</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(2)</sup>&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">190,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(4)</sup>&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">R.
Glenn
Hubbard</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">3,400</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(2)</sup>&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">190,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(4)</sup>&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">James
Clayburn La Force,
Jr</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">3,400</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(2)</sup>&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">
190,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><sup>(4)</sup>&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Walter
F.
Mondale</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">3,400</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(2)</sup>&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">190,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><sup>(4)</sup>&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(1)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Estimates
the total compensation to be earned by that person during the calendar
year ending December 31,
2006 from the closed-end
funds advised by the Advisor (the &lsquo;&lsquo;Fund
Complex&rsquo;&rsquo;).</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(2)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Of
these amounts it is anticipated that
trustees Brimmer,
Cavanagh, Dixon, Fabozzi, Feldstein, La Force, Hubbard, and Mondale may
defer $0, $0, $0, $0, $0,
$3,400,
$3,400
and $0, respectively, pursuant to the Fund Complex&rsquo;s deferred
compensation plan in the calendar year ended December&nbsp;31,
2006.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(3)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Dr. Brimmer
serves as &lsquo;&lsquo;lead director&rsquo;&rsquo; and Governance
Committee Chairman for each board of trustees/directors in the Fund
Complex. For his services as lead trustee/director, Dr. Brimmer will be
compensated in the amount of $60,000 per annum by the Fund
Complex.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(4)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Of this amount,
trustees Brimmer,
Cavanagh, Dixon, Fabozzi, Feldstein, La Force, Hubbard and Mondale are
expected to defer $50,000, $50,000, $50,000, $50,000, $30,000,
$190,000, $190,000 and $30,000, respectively, pursuant to the Fund
Complex&rsquo;s deferred compensation plan.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-21</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="23"></td>
<td><img src="spacer.gif" height="1" width="602"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-left: 0pt; text-align: left">(5)</font></td>
<td align="left" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;"><font style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt;  padding-bottom: 6pt;">Includes compensation for
service on the Audit Committee. Dr. Brimmer receives $60,000 per annum
for his service as Chairman of the Audit Committee and all other
trustees on the Audit
Committee receive $30,000 base per annum for their service on the Audit
Committee.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust shall pay a pro rata portion (based on
relative net assets) of the following
trustee fees paid by the
Fund Complex: (i) $190,000 per annum for each Independent Trustee as a
retainer and (ii)  $3,000 per day for each Independent Trustee
for each special meeting of each board in the Fund Complex (i.e., any
meeting, whether telephonic or in person, other than one of the six
regularly scheduled meetings of each board per year) attended. Each
Independent Trustee shall also be entitled to reimbursement for all of
his or her out-of-pocket expenses in attending each meeting of the
board of
trustees of the Trust and
any committee thereof. Dr. Brimmer will receive an additional $60,000
per annum from the Fund Complex for acting as the lead trustee for each
board of trustees/directors in the Fund Complex plus an additional
$60,000 per annum for his service as chairman of the Audit Committee.
Messrs. Cavanagh, Dixon and Fabozzi will receive an additional $30,000
per annum from the Fund Complex for their service on the Audit
Committee of the Fund Complex. This additional compensation to Messrs.
Brimmer, Cavanagh, Dixon and Fabozzi will be allocated among the
funds/trusts in the Fund Complex based on their relative net assets.
Certain of the above fees paid to the Independent Trustees will be
subject to mandatory deferrals pursuant to the Fund Complex's
deferred compensation plan. The Independent Trustees have agreed that
at least $30,000 of their $190,000 retainer will be
mandatorily deferred
pursuant to the Fund Complex's deferred compensation plan. Also,
members of the Audit Committee of the Fund Complex will be required to
defer $20,000 of the per annum fee they will receive for their services
on the Audit Committee pursuant to the Fund Complex's deferred
compensation plan. Under the deferred compensation plan, deferred
amounts earn a return for the Independent Trustees as though equivalent
dollar amounts had been invested in common shares of certain other
funds/trusts in the Fund Complex selected by the Independent Trustees.
This has approximately the same economic
effect for the Independent Trustees as if they had invested the
deferred amounts in such other funds/trusts. The deferred compensation
plan is not funded and obligations thereunder represent general
unsecured claims against the general assets of a fund/trust. A
fund/trust may, however, elect to invest in common shares of those
funds/trusts selected by the Independent Trustee in order to match its
deferred compensation obligations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The board of trustees of the
Trust currently has five committees: an Executive Committee, an Audit
Committee, a Governance Committee, a Compliance Committee and a
Portfolio Review Committee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Executive Committee consists of Messrs. Schlosstein and Kapito, and
acts in accordance with the powers permitted to such a committee under
the Amended and Restated Agreement and Declaration of Trust and the
By-Laws of the Trust. The Executive Committee, subject to the
Trust's Amended and Restated Agreement and Declaration of Trust,
By-Laws and applicable law, acts on behalf of the full board of
trustees in the intervals between meetings of the board.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Audit Committee consists of Messrs. Brimmer, Cavanagh, Dixon and
Fabozzi. The Audit Committee acts according to the Audit Committee
charter. Dr. Brimmer has been appointed as Chairman of the Audit
Committee. The Audit Committee is responsible for reviewing and
evaluating issues related to the accounting and financial reporting
policies of the Trust, overseeing the quality and objectivity of the
Trust's financial statements and the audit thereof and acting as
a liaison between the board of trustees and the Trust's
independent accountants. The board of trustees of the Trust has
determined that the Trust has three audit committee financial experts
serving on its Audit Committee, Messrs. Brimmer, Dixon and Fabozzi, all
of whom are independent for the purpose of the definition of audit
committee financial expert as applicable to the
Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Governance Committee consists of all
of the Independent Trustees. The Governance Committee acts
in accordance with the Governance Committee charter.
Dr. Brimmer has been
appointed as Chairman of the Governance Committee. The Governance
Committee performs those functions
enumerated in the Governance Committee charter including, but not
limited to, making nominations for the appointment or election of
Independent Trustees including shareholder nominees, reviewing
Independent Trustee compensation, retirement policies and personnel
training policies and administrating the provisions of the Code of
Ethics applicable to the Independent Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-22</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Governance Committee will consider
trustee candidates recommended by shareholders. In considering
candidates submitted by shareholders, the Governance Committee will
take into consideration the needs of the Board and the qualifications
of the candidate. The Governance Committee may also take into
consideration the number of shares held by the recommending shareholder
and the length of time that such shares have been held. To have a
candidate considered by the Governance Committee, a shareholder must
submit the recommendation in writing and must include:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">The name of the shareholder and evidence of
the person's ownership of shares of the Trust, including the
number of shares owned and the length of time of ownership; and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">The name of the candidate, the
candidate's resume or a listing of his or her qualifications to
be a trustee of the Trust and the person's consent to be named as
a trustee if selected by the Governance Committee and nominated by the
Board.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The shareholder recommendation and
information described above must be sent to the Corporate Secretary,
c/o BlackRock, P.O. Box 4546, New York, New York 10163.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Compliance Committee consists of
Messrs. Brimmer, Cavanagh, Hubbard, La Force, Mondale, and Mrs.
Feldstein. The Compliance Committee acts according to the Compliance
Committee charter. Dr. Brimmer has been appointed as Chairman of the
Compliance Committee. The Compliance Committee performs those functions
enumerated in the Compliance Committee charter, including, but not
limited to, supporting the Independent Trustees in acting independently
of BlackRock Advisors in pursuing the best interests of the Trust and
its shareholders, receiving information on and, where appropriate,
recommending policies concerning the Trust's compliance with
applicable law, and receiving reports from and making certain
recommendations in respect of the Trust's Chief Compliance
Officer.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Portfolio Review Committee
consists of Messrs. Brimmer, Cavanagh, Hubbard, La Force, Mondale, and
Mrs. Feldstein. The Portfolio Review Committee acts in accordance with
the Portfolio Review Committee charter. Dr. Brimmer has been appointed
as an Ex Officio member of the Portfolio Review Committee. The
Portfolio Review Committee performs those functions enumerated in the
Portfolio Review Committee
charter,
including, but not limited to, supporting the
Independent Trustees in acting independently of BlackRock in pursuing
the best interests of the Trust and its shareholders, developing an
understanding of and reviewing the investment
objective, policies and
practices of the Trust, and reviewing with respect to the Trust: (a)
whether the Trust has complied with its investment policies and
restrictions as reflected in its prospectus and Statement of Additional
Information, (b) appropriate benchmarks and competitive universes, (c)
investment performance, (d)  unusual or exceptional investment
matters, and (e) other matters bearing on the Trust&rsquo;s investment
results.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As the Trust is a closed-end investment
company with no prior investment operations, no meetings of the above
committees have been held in the current fiscal year, provided that the
Governance Committee has acted by written consent to form the Audit
Committee which, in turn, met in connection with the organization of
the Trust to select the Trust&rsquo;s independent
registered public accounting
firm.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Prior to this offering, all of the outstanding
shares of the Trust were owned by an affiliate of BlackRock
Advisors.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Proxy Voting Policies</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The board of trustees
of the Trust has delegated the voting of proxies for Trust securities
to BlackRock pursuant to BlackRock's proxy voting guidelines.
Under these guidelines, BlackRock will vote proxies related to Trust
securities in the best interests of the Trust and its shareholders. A
copy of BlackRock's proxy voting procedures is attached as
Appendix C to this
Statement of Additional Information.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Codes of Ethics</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust, the Advisor and the Sub-Advisor have adopted codes of
ethics under Rule 17j-1 of the Investment Company Act. These codes
permit personnel subject to the codes to invest in securities,
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-23</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
including securities that may be purchased
or held by the Trust. These codes can be reviewed and copied at the
Securities and Exchange Commission's Public Reference Room in
Washington, D.C. Information on the operation of the Public Reference
Room may be obtained by calling the Securities and Exchange Commission
at 1-202-942-8090. These
codes of ethics are available on the EDGAR
Database on the Securities and Exchange Commission's web site
(http://www.sec.gov), and copies of these codes may be obtained, after
paying a duplicating fee, by electronic request at the following e-mail
address: publicinfo@sec.gov, or by writing the Securities and
Exchange Commission's Public Reference Section, Washington, D.C.
20549-0102.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Investment Advisor and Sub-Advisor</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">BlackRock Advisors acts as the Trust's investment advisor.
BlackRock Financial Management acts as the Trust's sub-advisor.
BlackRock Advisors, located at 100 Bellevue Parkway, Wilmington,
Delaware 19809, and BlackRock Financial Management, located at 40 East
52nd Street, New York, New York 10022, are wholly owned subsidiaries of
BlackRock, Inc., which is one of the largest publicly traded investment
management firms in the United States with approximately $427.8 billion
of assets under management as
of September 30, 2005. BlackRock manages assets on behalf of
institutional and individual investors worldwide through a variety of
equity, fixed income, liquidity and alternative investment products,
including the BlackRock Funds&trade; and
BlackRock Liquidity Funds&trade;. In addition,
BlackRock provides risk management and investment system services to
institutional investors under the BlackRock Solutions<sup>&reg;</sup>
name.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The BlackRock organization has over 17 years of experience
managing closed-end funds. As
of September 30, 2005, BlackRock advised a closed-end family
of 56 active funds with approximately $17.3 billion in assets.
BlackRock has $26 billion
in municipal bonds under
management as of September 30, 2005, including
$9.3 billion in assets
across 37
municipal closed-end
funds. Clients are served from the company's headquarters in New
York City, as well as offices in Boston, Chicago, Edinburgh, Hong Kong,
San Francisco, Singapore, Sydney, Tokyo and Wilmington. BlackRock, Inc.
is a member of The PNC Financial Services Group, Inc., one of the
largest diversified financial services organizations in the United
States, and is majority owned by PNC and by BlackRock
employees.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Portfolio Managers</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As of September 30, 2005,
Kevin M. Klingert managed or was a member of the management team for
the following client
accounts:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="152"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="87"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="87"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="76"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Type
of Account</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number
of<br>Accounts</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Total
Assets<br>in the
Accounts</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br>Accounts Subject to<br> a Performance
Fee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Assets Subject to a<br>Performance
Fee</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Registered Investment
Companies</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">45</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$12,046
million</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&mdash;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Pooled
Investment Vehicles Other Than Registered Investment
Companies</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">1</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$220
million</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">1</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$220
million</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Other
Accounts</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">152</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$19,534
million</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">19</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$2,513
million</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As of September 30, 2005, James
McGinley managed or was a member of the management team for the
following client
accounts:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="152"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="88"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="87"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="75"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Type
of Account</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number
of<br>
Accounts</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Total
Assets in<br>
the Accounts</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br> Accounts
Subject to<br> a Performance Fee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Assets Subject to<br> a
Performance Fee</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Registered Investment
Companies</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">20</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$4,055
million</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">0</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&mdash;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Pooled
Investment Vehicles Other Than Registered Investment
Companies</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$0</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">0</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&mdash;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Other
Accounts</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">32</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$4,701
million</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">8</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">1,893
million</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-24</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">As of September 30, 2005, F.
Howard Downs managed or was a member of the management team for the
following client
accounts:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="152"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="88"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="87"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="75"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Type
of Account</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number
of<br>
Accounts</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Total
Assets in<br>the
Accounts</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number of<br> Accounts
Subject to<br> a Performance Fee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Assets Subject to<br> a
Performance Fee</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Registered Investment
Companies</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">1</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$43
million</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">0</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&mdash;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Pooled
Investment Vehicles Other Than Registered Investment
Companies</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">0</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&mdash;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">0</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&mdash;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Other
Accounts</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">26</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$705
million</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">0</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&mdash;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">BlackRock
has built a professional working environment, firm-wide
compliance&nbsp;culture and compliance
procedures and systems designed to protect against potential&nbsp;incentives that may favor one account over another.
BlackRock has adopted policies&nbsp;and
procedures that address the allocation of investment opportunities,
execution&nbsp;of portfolio transactions,
personal trading by employees and other potential&nbsp;conflicts of interest that are designed to ensure that
all client accounts are&nbsp;treated equitably
over time. Nevertheless, BlackRock furnishes investment
management&nbsp;and advisory services to
numerous clients in addition to the Trust, and BlackRock&nbsp;may, consistent with applicable law, make investment
recommendations to other&nbsp;clients or
accounts (including accounts which are hedge funds or have
performance&nbsp;or higher fees paid to
BlackRock, or in which portfolio managers have a personal&nbsp;interest in the receipt of such fees), which may be
the same as or different&nbsp;from those made to
the Trust. In addition, BlackRock, its affiliates and any&nbsp;officer, director, stockholder or employee may or may
not have an interest in&nbsp;the securities
whose purchase and sale BlackRock recommends to the Trust.
Actions&nbsp;with respect to securities of the
same kind may be the same as or different&nbsp;from the action which BlackRock, or any of its
affiliates, or any officer, director,&nbsp;stockholder, employee or any member of their families
may take with respect&nbsp;to the same
securities. Moreover, BlackRock may refrain from rendering any
advice&nbsp;or services concerning securities of
companies of which any of BlackRock's (or&nbsp;its affiliates') officers, directors or
employees are directors or officers,&nbsp;or
companies as to which BlackRock or any of its affiliates or the
officers,&nbsp;directors and employees of any of
them has any substantial economic interest&nbsp;or possesses material non-public information. Each
portfolio manager also may&nbsp;manage accounts
whose investment strategies may at times be opposed to the
strategy&nbsp;utilized for the Trust. In this
connection, it should be noted that Messrs.&nbsp;Klingert and McGinley currently manage certain
accounts that are subject to&nbsp;performance
fees and each portfolio manager may in the future manage other
such&nbsp;accounts.</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As a fiduciary,
BlackRock owes a duty of loyalty to its clients&nbsp;and must treat each client fairly. When BlackRock
purchases or sells securities&nbsp;for more than
one account, the trades must be allocated in a manner
consistent&nbsp;with its fiduciary duties.
BlackRock attempts to allocate investments in a&nbsp;fair and equitable manner among client accounts, with
no account receiving preferential&nbsp;treatment. To this end, BlackRock has adopted a policy
that is intended to&nbsp;ensure that investment
opportunities are allocated fairly and equitably among&nbsp;client accounts over time. This policy also seeks to
achieve reasonable efficiency&nbsp;in client
transactions and provide BlackRock with sufficient flexibility
to&nbsp;allocate investments in a manner that is
consistent with the particular investment&nbsp;discipline and client base.</p>


<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Portfolio Manager
Compensation</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">BlackRock's
financial arrangements with its portfolio managers, its
competitive&nbsp;compensation and its career
path emphasis at all levels reflect the value senior&nbsp;management places on key resources. Compensation may
include a variety of components&nbsp;and may
vary from year to year based on a number of factors. The principal
components&nbsp;of compensation include a base
salary, a discretionary bonus,
participation in
various
benefits
programs and
one or more of the incentive compensation programs
established&nbsp;by BlackRock such as its
Long-Term Retention and Incentive Plan and Restricted&nbsp;Stock Program.</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-25</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Base compensation. </b>Generally,
portfolio managers&nbsp;receive base
compensation based on their seniority and/or their position
with&nbsp;the firm, which may include the amount
of assets supervised and other management&nbsp;roles within the firm.</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Discretionary
compensation. </b>In addition&nbsp;to base
compensation, portfolio managers may receive discretionary
compensation,&nbsp;which can be a substantial
portion of total compensation. Discretionary compensation&nbsp;can include a discretionary cash bonus as well as one
or more of the following:</p>


<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="572"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 23pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 433pt"><font style="font-weight: normal; font-style: italic">Long-Term Retention and Incentive Plan (LTIP)
</font>&mdash;The LTIP is a&nbsp;long-term
incentive plan that seeks to reward certain key employees. The
plan&nbsp;provides for the grant of awards that
are expressed as an amount of cash that,&nbsp;if
properly vested and subject to the attainment of certain performance
goals,&nbsp;will be settled in part in cash and
in part in BlackRock, Inc. common stock.&nbsp;Messrs. Klingert, Downs and McGinley have received
awards under the LTIP.</td>
</tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="572"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 23pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 433pt"><font style="font-weight: normal; font-style: italic">Deferred Compensation Program </font>&mdash;A portion of the
compensation paid&nbsp;to each portfolio manager
may be voluntarily deferred by the portfolio manager&nbsp;into an account that tracks the performance of certain
of the firm's investment&nbsp;products.
Each portfolio manager is permitted to allocate his deferred
amounts&nbsp;among various options, including to
certain of the firm's hedge funds and other&nbsp;unregistered products. In addition, prior to 2005, a
portion of the annual compensation&nbsp;of
certain senior managers, including Messrs. Klingert and McGinley was
mandatorily&nbsp;deferred in a similar manner
for a number of years. Beginning in 2005, a portion&nbsp;of the annual compensation of certain senior managers,
including Messrs. Klingert,&nbsp;Downs and
McGinley, is paid in the form of BlackRock, Inc. restricted
stock&nbsp;units which vest ratably over a
number of years.</td>
</tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="572"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 23pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 433pt"><font style="font-weight: normal; font-style: italic">Options and Restricted&nbsp;Stock Awards </font>&mdash;While incentive stock options
are not
currently
being awarded&nbsp;to BlackRock employees,
BlackRock, Inc. previously granted stock options to&nbsp;key employees, including certain portfolio managers
who may still hold unexercised&nbsp;or unvested
options. BlackRock, Inc. also has a restricted stock award
program&nbsp;designed to reward certain key
employees as an incentive to contribute to the&nbsp;long-term success of BlackRock. These awards vest over
a period of years. Messrs.&nbsp;Klingert, Downs
and McGinley have been granted stock options in prior years,&nbsp;and Messr. Klingert participates in BlackRock's
restricted stock program.</td>
</tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="572"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 23pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 433pt"><font style="font-weight: normal; font-style: italic">Incentive Savings Plans </font>&mdash;The PNC Financial
Services Group, Inc.,&nbsp;which owns
approximately 71% of BlackRock, Inc.'s common stock, has
created&nbsp;a variety of incentive savings
plans in which BlackRock employees are eligible&nbsp;to participate, including an Employee Stock Purchase
Plan (ESPP) and a 401(k)&nbsp;plan. The 401(k)
plan may involve a company match of the employee's
contribution&nbsp;of up to 6% of the
employee's salary. The company match is made using
BlackRock,&nbsp;Inc. common stock. The
firm's 401(k) plan offers a range of investment
options,&nbsp;including registered investment
companies managed by the firm. Messrs. Klingert,&nbsp;Downs and McGinley are eligible to participate in
these plans.</td>
</tr>
</table>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Annual&nbsp;incentive
compensation for each portfolio manager is a function of several
components:&nbsp;the performance of BlackRock,
Inc., the performance of the portfolio manager's&nbsp;group within BlackRock, the investment performance,
including risk-adjusted&nbsp;returns, of the
firm's assets under management or supervision by that
portfolio&nbsp;manager relative to
benchmarks, and the
individual's teamwork&nbsp;and
contribution to the overall performance of these portfolios and
BlackRock.&nbsp;Unlike many other firms,
portfolio managers at BlackRock compete against benchmarks&nbsp;rather than each other. In most cases, including for
the portfolio managers&nbsp;of the Trust, these
benchmarks are the same as the benchmark or benchmarks
against&nbsp;which the performance of the Trust
or other accounts are measured. A group&nbsp;of
BlackRock, Inc.'s officers determines which benchmarks against
which to compare&nbsp;the performance of funds
and other accounts managed by each portfolio manager.&nbsp;In the case of the Trust, it is anticipated that such
benchmarks would include&nbsp;the Long Bond
(22+) component of the Lehman Brothers Municipal Bond Index,
the&nbsp;10-year United States Treasury note,
certain customized indices and fund industry&nbsp;peer groups. The group then makes a subjective
determination with respect to&nbsp;the portfolio
manager's compensation based on the performance of the funds
and&nbsp;other accounts managed by each
portfolio manager relative to the various benchmarks.&nbsp;Senior portfolio managers who perform additional
management functions within&nbsp;BlackRock may
receive additional compensation for serving in these other
capacities.</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-26</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Securities Ownership of Portfolio
Managers</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust is a newly organized investment company.
Accordingly, as of the date of this Statement of Additional
Information, none of the portfolio managers beneficially owns any
securities issued by the Trust.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">PORTFOLIO TRANSACTIONS AND
BROKERAGE</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Advisor and the Sub-Advisor are responsible for
decisions to buy and sell securities for the Trust, the selection of
brokers and dealers to effect the transactions and the negotiation of
prices and any brokerage commissions. The Trust will generally purchase
securities on a stock exchange effected through brokers who charge a
commission for their services. The Trust may also invest in securities
that are traded principally in the over-the-counter market. In the
over-the-counter market, securities are generally traded on a
&lsquo;&lsquo;net&rsquo;&rsquo; basis with dealers acting as
principal for their own accounts without a stated commission, although
the price of such securities usually includes a mark-up to the dealer.
Securities purchased in underwritten offerings generally
include in the price a fixed amount
of compensation for the manager(s), underwriter(s) and dealer(s). The
Trust may also purchase certain money market instruments directly from
an issuer, in which case no commissions or discounts are
paid.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Payments of commissions to brokers who are affiliated
persons of the Trust (or affiliated persons of such persons) will be
made in accordance with Rule 17e-1 under the Investment Company Act.
Commissions paid on such transactions would be commensurate with the
rate of commissions paid on similar transactions to brokers that are
not so affiliated.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Advisor and Sub-Advisor may, consistent
with the interests of the Trust, select brokers on the basis of the
research, statistical and pricing services they provide to the Trust
and the Advisor&rsquo;s or Sub-Advisor&rsquo;s other clients. Such
research, statistical and/or pricing services must provide lawful and
appropriate assistance to the Advisor&rsquo;s or Sub-Advisor&rsquo;s
investment decision making process in order for such research,
statistical and/or pricing services to be considered by the Advisor or
Sub-Advisor in selecting a broker. These research services may include
information on securities markets, the economy, individual companies,
pricing information, research products and services and such other
services as may be permitted from time to time by Section 28(e) of the
Securities Exchange Act of 1934, as
amended. Information and research received from such brokers
will be in addition to, and not in lieu of, the services required to be
performed by the Advisor and Sub-Advisor under their respective
contracts. A commission paid to such brokers may be higher than that
which another qualified broker would have charged for effecting the
same transaction, provided that the Advisor or Sub-Advisor determines
in good faith that such commission is reasonable in terms either of the
transaction or the overall responsibility of the Advisor or Sub-Advisor
and its other clients and that the total commissions paid by the Trust
will be reasonable in relation to the benefits to the Trust over the
long-term. The advisory fees that the Trust
pays to the Advisor will
not be reduced as a consequence of the Advisor&rsquo;s or
Sub-Advisor&rsquo;s receipt of brokerage and research services. To the
extent that portfolio transactions are used to obtain such services,
the brokerage commissions paid by the Trust will exceed those that
might otherwise be paid by an amount which cannot be presently
determined. Such services generally would be useful and of value to the
Advisor or Sub-Advisor in serving one or more of their other clients
and, conversely, such services obtained by the placement of brokerage
business of other clients generally would be useful to the Advisor and
Sub-Advisor in carrying out their obligations to the Trust. While such
services are not expected to reduce the expenses of the Advisor or
Sub-Advisor, the Advisor would, through use of the services, avoid the
additional expenses which would be incurred if they should attempt to
develop comparable information through their own staffs. Commission
rates for brokerage transactions on foreign stock exchanges are
generally fixed.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">One or more of the other investment companies or
accounts which the Advisor and/or the Sub-Advisor manages may own from
time to time some of the same investments as the Trust. Investment
decisions for the Trust are made independently from those of such other
investment companies or accounts; however, from time to time, the same
investment decision may be made for </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-27</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
more than one company or account. When two
or more companies or accounts seek to purchase or sell the same
securities, the securities actually purchased or sold will be allocated
among the companies and accounts on a good faith equitable basis,
usually on a pro rata basis, by the Advisor and/or the Sub-Advisor in
their discretion in accordance with the accounts&rsquo; various
investment objectives. Such allocations are based upon the written
procedures of the Advisor and/or Sub-Advisor, which have been reviewed
and approved by the board of trustees. In some cases, this system may
adversely affect the price or size of the position obtainable for the
Trust. In other cases, however, the ability of the Trust to participate
in volume transactions may produce better execution for the Trust. It
is the opinion of the Trust&rsquo;s board of trustees that this
advantage, when combined with the other benefits available due to the
Advisor&rsquo;s or the Sub-Advisor&rsquo;s organization, outweighs
any disadvantages that may be said to exist from exposure to
simultaneous transactions.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">It is not the Trust&rsquo;s policy to
engage in transactions with the objective of seeking profits from
short-term trading. However, the annual portfolio turnover rate of the
Trust may be greater than 100%. Because it is difficult to
predict accurately portfolio turnover rates, actual turnover may be
higher or lower. Higher portfolio turnover results in increased Trust
costs, including brokerage commissions, dealer mark-ups and other
transaction costs on the sale of securities and on the reinvestment in
other securities.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">DESCRIPTION OF SHARES</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Common
Shares</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust intends to hold annual meetings of
shareholders so long as the common shares are listed on a national
securities exchange and such meetings are required as a condition to
such listing. All common shares are equal as to dividends, assets and
voting privileges and have no conversion, preemptive or other
subscription rights. The Trust will send annual and semi-annual
reports, including financial statements, to all holders of its
shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Preferred Shares</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Although
the terms of any Preferred Share issued by the Trust, including their
dividend rate, voting rights, liquidation preference and redemption
provisions
will be
determined by the board of trustees (subject to applicable law and the
Trust's Amended and Restated Agreement
and Declaration of Trust) when it
authorizes
a Preferred Shares offering, the Trust currently expects
that the preference on distributions, liquidation preference, voting
rights and redemption provisions of any such Preferred
Shares will likely be as
stated in the prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the board of trustees determines to
proceed with an offering of Preferred Shares, the terms of the
Preferred Shares may be the same as, or different from, the terms
described in the prospectus, subject to applicable law and the
Trust's Amended and Restated Agreement
and Declaration of Trust. The board of trustees, without the approval
of the holders of common shares, may authorize an offering of Preferred
Shares or may determine not to authorize such an offering, and may fix
the terms of the Preferred Shares to be offered.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Other
Shares</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The board of trustees (subject to applicable law and the
Trust's Amended and Restated Agreement
and Declaration of Trust) may authorize an offering, without the
approval of the holders of either common shares or Preferred Shares, of
other classes of shares, or other classes or series of shares, as they
determine to be necessary, desirable or appropriate, having such terms,
rights, preferences, privileges, limitations and restrictions as the
board of trustees see fit. The Trust currently does not expect to issue
any other classes of shares, or series of shares, except for the common
shares and the Preferred Shares.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">REPURCHASE OF COMMON SHARES</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust is a closed-end
management investment company and as such its shareholders will not
have the right to cause the Trust to redeem their shares. Instead, the
Trust's common shares will trade </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-28</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
in the open-market at a price that will be a
function of several factors, including dividend levels (which are in
turn affected by expenses), net asset value, call protection, dividend
stability, relative demand for and supply of such shares in the market,
general market and economic conditions and other factors. Because
shares of a closed-end investment company may frequently trade at
prices lower than net asset value, the Trust's board of trustees
may consider action that might be taken to reduce or eliminate any
material discount from net asset value in respect of common shares,
which may include the repurchase of such shares in the open-market or
in private transactions, the making of a tender offer for such shares,
or the conversion of the Trust to an open-end investment company. The
board of trustees may decide not to take any of these actions. In
addition, there can be no assurance that share repurchases or tender
offers, if undertaken, will reduce market discount.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Notwithstanding the foregoing, at any time when the Trust's
Preferred Shares are outstanding, the Trust may not purchase, redeem or
otherwise acquire any of its common shares unless (1) all accrued
Preferred Shares dividends have been paid and (2) at the time of such
purchase, redemption or acquisition, the net asset value of the
Trust's portfolio (determined after deducting the acquisition
price of the common shares) is at least 200% of the liquidation
value of the outstanding Preferred Shares (expected to equal the
original purchase price per share plus any accrued and unpaid dividends
thereon). Any service fees incurred in connection with any tender offer
made by the Trust will be borne by the Trust and will not reduce the
stated consideration to be paid to tendering shareholders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Subject to its investment restrictions, the Trust may borrow to
finance the repurchase of shares or to make a tender offer. Interest on
any borrowings to finance share repurchase transactions or the
accumulation of cash by the Trust in anticipation of share repurchases
or tenders will reduce the Trust's net income. Any share
repurchase, tender offer or borrowing that might be approved by the
Trust's board of trustees would have to comply with the
Securities Exchange Act of 1934, as amended, the Investment Company Act
and the rules and regulations thereunder.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Although the decision
to take action in response to a discount from net asset value will be
made by the board of trustees at the time it considers such issue, it
is the board's present policy, which may be changed by the board
of trustees, not to authorize repurchases of common shares or a tender
offer for such shares if: (1) such transactions, if consummated, would
(a) result in the delisting of the common shares from the New York
Stock Exchange or (b) impair the
Trust's status as a regulated investment company under the Code,
(which would make the Trust a taxable entity, causing the Trust's
income to be taxed at the corporate level in addition to the taxation
of shareholders who receive dividends from the Trust) or as a
registered closed-end investment company under the Investment Company
Act; (2) the Trust would not be able to liquidate portfolio securities
in an orderly manner and consistent with the Trust's investment
objective and policies in order to repurchase shares; or (3) there is,
in the board's judgment, any (a) material legal action or
proceeding instituted or threatened challenging such transactions or
otherwise materially adversely affecting the Trust, (b) general
suspension of or limitation on prices for trading securities on the New
York Stock Exchange, (c) declaration of a banking moratorium by Federal
or state authorities or any suspension of payment by United States or
New York banks, (d) material limitation affecting the Trust or the
issuers of its portfolio securities by Federal or state authorities on
the extension of credit by lending institutions or on the exchange of
foreign currency, (e) commencement of war, armed hostilities or other
international or national calamity directly or indirectly involving the
United States, or (f) other event or condition which would have a
material adverse effect (including any adverse tax effect) on the Trust
or its shareholders if shares were repurchased. The board of trustees
may in the future modify these conditions in light of experience.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The repurchase by the Trust of its shares at prices below net asset
value will result in an increase in the net asset value of those shares
that remain outstanding. However, there can be no assurance that share
repurchases or tender offers at or below net asset value will result in
the Trust's shares trading at a price equal to their net asset
value. Nevertheless, the fact that the Trust's shares may be the
subject of repurchase or tender offers from time to time, or that the
Trust may be converted to an open-end investment company, may reduce
any spread between market price and net asset value that might
otherwise exist.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-29</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In addition, a purchase by the Trust of
its common shares will net assets which would likely have
the effect of increasing the Trust's expense ratio. Any purchase
by the Trust of its common shares at a time when Preferred Shares are
outstanding will increase
the leverage applicable to the outstanding common shares then
remaining.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Before deciding whether to take any action if the
common shares trade below net asset value, the Trust's board of
trustees would likely consider all relevant factors, including the
extent and duration of the discount, the liquidity of the Trust's
portfolio, the impact of any action that might be taken on the Trust or
its shareholders and market considerations. Based on these
considerations, even if the Trust's shares should trade at a
discount, the board of trustees may determine that, in the interest of
the Trust and its shareholders, no action should be taken.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">TAX
MATTERS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following is a description of certain Federal income
tax consequences to a shareholder of acquiring, holding and disposing
of common stock of the Trust. This discussion does not
purport to be complete or to deal with all aspects of Federal income
taxation that may be relevant to shareholders in light of their
particular circumstances. Unless otherwise noted, this discussion
assumes you are a U.S. shareholder and that you hold your shares as a
capital asset. The discussion reflects applicable tax laws
of the United States as of the date of this prospectus, which tax laws
may be changed or subject to new interpretations by the courts or the
Internal Revenue Service retroactively or prospectively.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
Trust intends to elect to be treated and to qualify to be taxed as a
regulated investment company under Subchapter M of the Code, and to
satisfy conditions which will enable dividends on common shares or
Preferred Shares which are attributable to interest on tax-exempt
municipal securities to be exempt from Federal income tax in the hands
of its shareholders, subject to the possible application of the Federal
alternative minimum tax.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In order to qualify as a regulated
investment company, the Trust must satisfy certain requirements
relating to the source of its income, diversification of its assets,
and distributions of its income to its shareholders. First, the Trust
must derive at least 90% of its annual gross income (including
tax-exempt interest) from dividends, interest, payments with respect to
securities loans, gains from the sale or other disposition of stock or
securities or foreign currencies, other income (including but not
limited to gains from options, futures and forward contracts) derived
with respect to its business of investing in such stock, securities or
currencies and interests in &lsquo;&lsquo;qualified publicly traded
partnerships&rsquo;&rsquo; (collectively, the
&lsquo;&lsquo;90% gross income test&rsquo;&rsquo;). Second,
the Trust must diversify its holdings so that, at the close of each
quarter of its taxable year, (i) at least 50% of the value of
its total assets is comprised of cash, cash items, United States
government securities, securities of other regulated investment
companies and other securities limited in respect of any one issuer to
an amount not greater in value than 5% of the value of the
Trust's total assets and to not more than 10% of the
outstanding voting securities of such issuer, and (ii) not more than
25% of the value of the total assets is invested in the
securities (other than United States government securities and
securities of other regulated investment companies) of (a) any one
issuer, (b) any or two or more issuers controlled by the Trust and
engaged in the same, similar or related trades or businesses or (c) any
one or more &lsquo;&lsquo;qualified publicly traded
partnerships.&rsquo;&rsquo;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As a regulated investment company,
the Trust will not be subject to Federal income tax on income and gains
that it distributes each taxable year to its shareholders, provided
that in such taxable year it distributes at least 90% of the sum
of (i) its &lsquo;&lsquo;investment company taxable
income&rsquo;&rsquo; (which includes, among other items, dividends,
taxable interest, taxable original issue discount and market discount
income, income from securities lending, net short-term capital gain in
excess of net long-term capital loss, and any other taxable income
other than &lsquo;&lsquo;net capital gain&rsquo;&rsquo; (as defined
below) and is reduced by deductible expenses) determined without regard
to the deduction for dividends paid and (ii) its net tax-exempt
interest (the excess of its gross tax-exempt interest income over
certain disallowed deductions). The Trust may retain for investment its
net capital gain (which consists of the excess of its net long-term
capital gain over its net short-term capital loss). However, if the
Trust </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-30</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
retains any net capital gain or any
investment company taxable income, it will be subject to tax at regular
corporate rates on the amount retained. If the Trust retains any net
capital gain, it may designate the retained amount as undistributed
capital gains in a notice to its shareholders who, if subject to
Federal income tax on long-term capital gains, (i) will be required to
include in income for Federal income tax purposes, as long-term capital
gain, their share of such undistributed amount and (ii) will be
entitled to credit their proportionate shares of the tax paid by the
Trust against their Federal income tax liabilities, if any, and to
claim refunds to the extent the credit exceeds such liabilities. For
Federal income tax purposes, the tax basis of shares owned by a
shareholder of the Trust will be increased by the amount of
undistributed capital gains included in the gross income of the
shareholder less the tax deemed paid by the shareholder under clause
(ii) of the preceding sentence. The Trust
will pay shareholders
90% of its net tax-exempt interest and any investment
company taxable income
in order to qualify as
a regulated investment company for Federal income
tax purposes. In addition, the Trust intends
to distribute, on an annual basis, all or
substantially all of its taxable net income
and capital gains to its shareholders so that the
Trust will not be subject to Federal income
or excise
taxes.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Treasury regulations
permit a regulated investment company, in determining its investment
company taxable income and net capital gain, to elect (unless it has
made a taxable year election for excise tax purposes as discussed
below) to treat all or part of any net capital loss, any net long-term
capital loss or any net foreign currency loss incurred after October 31
as if it had been incurred in the succeeding year.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Distributions
by the Trust of investment company taxable income, if any, whether
received in cash or additional shares, will be taxable to shareholders
as ordinary income (to the extent of the current or accumulated earning
and profits of the Trust) and generally will not qualify for the
dividends received deduction in the case of corporate shareholders.
In addition, gain realized by the Trust from the
disposition of a tax-exempt municipal obligation that is attributable
to accrued market discount will be treated as ordinary income rather
than capital gain, and thus may increase the amount of ordinary income
dividends received by holders of common shares. Net
long-term capital gains realized by the Trust and distributed to
shareholders in cash or additional shares will be taxable to
shareholders as long-term capital gains regardless of the length of
time investors have owned shares of the Trust. Distributions by the
Trust that do not constitute ordinary income dividends, capital gain
distributions or exempt-interest dividends (as defined below) will be
treated as a return of capital to the extent of (and in reduction of)
the shareholder's tax basis in his or her shares. Any excess will
be treated as gain from the sale of his or her shares, as discussed
below.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Certain ordinary income dividends paid to
individuals with respect to taxable years beginning on or before
December 31, 2008 will be eligible for taxation at the rates applicable
to long-term capital gains (currently at a maximum rate of 15%)
provided that certain holding period and other requirements are met by
the Trust and the shareholders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Where
one or more distributions occur in any taxable year, the available
current and accumulated earnings and profits of the Trust will be
allocated, first, to the distributions made to the holders of any
outstanding preferred shares of beneficial interest in the Trust
(including the Preferred Shares, if any), and only thereafter to
distributions made to common shareholders. As a result, the holders of
any outstanding preferred shares of beneficial interest in the Trust
(including the Preferred Shares, if any) may receive a disproportionate
share of the distributions treated as dividends, and the holders of the
common shares may receive a disproportionate share of the distributions
treated as a return of capital.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If the Trust engages
in hedging transactions involving financial futures and options, these
transactions will be subject to special tax rules, the effect of which
may be to accelerate income to the Trust, defer the Trust's
losses, cause adjustments in the holding periods of the Trust's
securities, convert long-term capital gains into short-term capital
gains and convert short-term capital losses into long-term capital
losses. These rules could therefore affect the amount, timing and
character of distributions to holders of common shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Prior to
purchasing shares in the Trust, an investor should carefully consider
the impact of dividends which are expected to be or have been declared,
but not paid. Any dividend declared </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-31</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
shortly after a purchase of such shares
prior to the record date will have the effect of reducing the per share
net asset value by the per share amount of the dividend.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Although dividends generally will be treated as distributed when
paid, dividends declared in October, November or December, payable to
holders of common shares of record on a specified date in one of those
months and paid during the following January, will be treated as having
been distributed by the Trust (and received by the holder of common
shares) on December 31.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Federal income tax law imposes an
alternative minimum tax with respect to both corporations and
individuals based on certain items of tax preference. To the extent the
Trust receives income treated as tax preference items for purposes of
the alternative minimum tax, a portion of the dividends paid by it,
although otherwise exempt from Federal income tax, will be taxable to
holders of common shares to the extent that their tax liability is
determined under the alternative minimum tax. The Trust will annually
supply holders of common shares with reports indicating the amount and
nature of all income distributed to them as well as the percentage of
Trust income attributable to tax preference items subject to the
alternative minimum tax.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust intends to invest in
sufficient tax-exempt municipal bonds to permit payment of
&lsquo;&lsquo;exempt-interest dividends&rsquo;&rsquo; (as defined
in the Code). Except as provided below, exempt-interest dividends paid
to holders of common shares are not includable in the holder's
gross income for Federal income tax purposes.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Internal
Revenue Service's position in a published revenue ruling
indicates that the Trust is required to designate distributions paid
with respect to its common shares and its Preferred Shares as
consisting of a portion of each type of income distributed by the
Trust. The portion of each type of income deemed received by the
holders of each class of shares will be equal to the portion of total
Trust dividends received by such class. Thus, the Trust will designate
dividends paid as exempt-interest dividends in a manner that allocates
such dividends between the holders of the common shares and the holders
of Preferred Shares in proportion to the total dividends paid to each
such class during or with respect to the taxable year, or otherwise as
required by applicable law. Capital gain dividends and ordinary income
dividends will similarly be allocated between the two classes.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Interest on certain &lsquo;&lsquo;private activity
bonds&rsquo;&rsquo; is an item of tax preference subject to the
alternative minimum tax on individuals and corporations. The Trust may
invest a portion of its assets in municipal bonds subject to this
provision so that a portion of its exempt-interest dividends is an item
of tax preference to the extent such dividends represent interest
received from these private activity bonds. Accordingly, investment in
the Trust could cause a holder of common shares to be subject to, or
result in an increased liability under, the alternative minimum
tax.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Exempt-interest dividends are included in determining what
portion, if any, of a person's Social Security and railroad
retirement benefits will be includable in gross income subject to
Federal income tax.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Although exempt-interest dividends generally
may be treated by holders of common shares as items of interest
excluded from their gross income, each holder is advised to consult his
tax advisor with respect to whether exempt-interest dividends retain
their exclusion if the shareholder would be treated as a
&lsquo;&lsquo;substantial user,&rsquo;&rsquo; or a
&lsquo;&lsquo;related person&rsquo;&rsquo; of a substantial user,
of the facilities financed with respect to any of the tax-exempt
obligations held by the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For corporations, alternative
minimum taxable income is increased by 75% of the difference
between an alternative measure of income (&lsquo;&lsquo;adjusted
current earnings&rsquo;&rsquo;) and the amount otherwise determined
to be the alternative minimum taxable income. Interest on municipal
bonds, and therefore all exempt-interest dividends received from the
Trust, are included in calculating adjusted current earnings.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The redemption, sale or exchange of common shares normally will
result in capital gain or loss to the holders of common shares who hold
their shares as capital assets. Generally, a shareholder's gain
or loss will be long-term capital gain or loss if the shares have been
held for more than one year even though the increase in value in such
common shares is attributable to tax-exempt interest
income. </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-32</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
Present law taxes both long- and short-term
capital gains of corporations at the rates applicable to ordinary
income. For non-corporate taxpayers, however, long-term capital gains
are currently taxed at a maximum rate of 15%, while short-term
capital gains and other ordinary income are currently taxed at a
maximum rate of 35%.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All or a portion of a sales charge
paid in purchasing common shares cannot be taken into account for
purposes of determining gain or loss on the redemption, sale or
exchange of such shares within 90 days after their purchase to the
extent common shares or shares of another fund are subsequently
acquired without payment of a sales charge pursuant to the reinvestment
or exchange privilege. Any disregarded portion of such charge will
result in an increase in the shareholder's tax basis in the
shares subsequently acquired. In addition, no loss will be allowed on
the redemption, sale or exchange of common shares if the shareholder
purchases other common shares of the Trust (whether through
reinvestment of distributions or otherwise) or the shareholder acquires
or enters into a contract or option to acquire shares that are
substantially identical to common shares of the Trust within a period
of 61 days beginning 30 days before and ending 30 days after such
redemption, sale or exchange. If disallowed, the loss will be reflected
in an adjustment to the basis of the shares acquired. Further, any
losses realized on the redemption, sale or exchange of common shares
held for six months or less will be disallowed to the extent of any
exempt-interest dividends received with respect to such common shares
and, if not disallowed, such losses will be treated as long-term
capital losses to the extent of any capital gain dividends received (or
amounts credited as undistributed capital gains) with respect to such
common shares.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In order to avoid a 4% Federal excise tax,
the Trust must distribute or be deemed to have distributed by December
31 of each calendar year the sum of 98% of its taxable ordinary
income for such year, at least 98% of its capital gain net
income (the excess of its realized capital gains over its realized
capital losses, generally computed on the basis of the one-year period
ending on October 31 of such year) and 100% of any taxable
ordinary income and capital gain net income for the prior year that was
not distributed during such year and on which the Trust paid no Federal
income tax. For purposes of the excise tax, a regulated investment
company may reduce its capital gain net income (but not below its net
capital gain) by the amount of any net ordinary loss for the calendar
year. The Trust intends to make timely distributions in compliance with
these requirements and consequently it is anticipated that it generally
will not be required to pay the excise tax.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If in any year the
Trust should fail to qualify under Subchapter M for tax treatment as a
regulated investment company, the Trust would incur a regular corporate
Federal income tax upon its taxable income for that year, and
distributions to its shareholders would be taxable to shareholders as
ordinary dividend income for Federal income tax purposes to the extent
of the Trust's earnings and profits.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust is required
to withhold tax at a rate of 28% on taxable dividends and
certain other payments paid to non-corporate shareholders who have not
furnished to the Trust their correct taxpayer identification number (in
the case of individuals, their Social Security number) and certain
certifications, or who are otherwise subject to backup withholding.
Backup withholding is not an additional tax and any amount withheld may
be refunded or credited against the shareholder's Federal income
tax liability, provided the required information is furnished to the
Internal Revenue Service.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>THE FOREGOING IS
A GENERAL AND ABBREVIATED SUMMARY OF THE APPLICABLE PROVISIONS OF THE
CODE AND TREASURY REGULATIONS PRESENTLY IN EFFECT. FOR THE COMPLETE
PROVISIONS, REFERENCE SHOULD BE MADE TO THE PERTINENT CODE SECTIONS AND
THE TREASURY REGULATIONS PROMULGATED THEREUNDER. THE CODE AND THE U.S.
TREASURY REGULATIONS ARE SUBJECT TO CHANGE BY LEGISLATIVE, JUDICIAL OR
ADMINISTRATIVE ACTION, EITHER PROSPECTIVELY OR RETROACTIVELY. PERSONS
CONSIDERING AN INVESTMENT IN COMMON SHARES SHOULD CONSULT THEIR OWN TAX
ADVISORS REGARDING THE PURCHASE, OWNERSHIP AND DISPOSITION OF COMMON
SHARES</b>.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-33</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">EXPERTS</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
statement of
net
assets of the Trust as
of January 4,
2006&nbsp;and related statement of operations and statement of
changes in net assets for the period from November 7, 2005 (date of
inception) to January 4, 2006 appearing in this Statement of
Additional Information has been audited by
Deloitte &amp; Touche
LLP, independent
registered public accounting
firm, as set forth in their report thereon appearing
elsewhere herein, and is included in reliance upon such report given
upon the authority of such firm as experts in accounting and auditing.
Deloitte &amp; Touche
LLP, located at 200
Berkeley Street, Boston, MA 02116, provides accounting and
auditing services to the Trust.</p>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ADDITIONAL INFORMATION</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A
Registration Statement on Form N-2, including amendments thereto,
relating to the shares offered hereby, has been filed by the Trust with
the Securities and Exchange Commission,
Washington, D.C. The prospectus and this Statement of
Additional Information do not contain all of the information set forth
in the Registration Statement, including any exhibits and schedules
thereto. For further information with respect to the Trust and the
shares offered hereby, reference is made to the Registration Statement.
Statements contained in the prospectus and this Statement of Additional
Information as to the contents of any contract or other document
referred to are not necessarily complete and in each instance reference
is made to the copy of such contract or other document filed as an
exhibit to the Registration Statement, each such statement being
qualified in all respects by such reference. A copy of the Registration
Statement may be inspected without charge at the
Securities and Exchange Commission's
principal office in Washington, D.C., and copies of all or any part
thereof may be obtained from the Securities and Exchange
Commission upon the payment of certain fees prescribed by
the Securities and Exchange
Commission.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-34</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">To the Board of Trustees and Shareholder of
BlackRock Long-Term Municipal Advantage Trust:</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">We have audited
the accompanying statement of assets and liabilities of BlackRock
Long-Term Municipal Advantage Trust (the
&lsquo;&lsquo;Trust&rsquo;&rsquo;) as of January 4, 2006, and the
related statements of operations and changes in net assets for the
period from November 7, 2005 (date of inception) to January 4, 2006.
These financial statements are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these
financial statements based on our
audit.</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">We
conducted our audit in accordance with the
standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. The Trust is
not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit included
consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our
opinion.</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">In
our opinion, such financial statements present fairly, in all material
respects, the financial position of the Trust as of January 4, 2006,
and the results of its operations and the changes in net assets for the
period from November 7, 2005 (date of inception) to January 4, 2006, in
conformity with accounting principles generally accepted in the United
States of
America.</p>

<div style="padding:0;margin:0;width:602;">
<div style="padding:0;margin:0;text-align:left;margin-top:18pt;">
<img src="html_99293deloitte.jpg" align="left"></div>
</div>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">January
6, 2006</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">F-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">BLACKROCK
LONG-TERM MUNICIPAL ADVANTAGE TRUST
(BTA)<br>STATEMENT OF ASSETS AND
LIABILITIES<br> January 4,
2006</p>

<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:#cceeff">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="401"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ASSETS:</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Cash</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">139,010</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 8pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">LIABILITIES:</font></td>
<td style="padding-top: 8pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Payable
for organization costs </font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">39,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px double #ffffff ; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Net
Assets </font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">100,010</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Net
assets were comprised of:</b></font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Common
stock at par (Note 1) </font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">10</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Paid-in
capital in excess of par
</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">139,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Accumulated net investment
loss </font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">(39,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px double #ffffff ; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">)&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Net assets, January
4, 2006 </font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">100,010</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;"><b>Net
asset value per common
share:</b></font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Equivalent
to 9,704 shares of common stock issued and outstanding, par value
$0.001, unlimited shares authorized
</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">10.31</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

</div>
</div>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">See
Notes to Financial Statements.</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">F-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">BLACKROCK
LONG-TERM MUNICIPAL ADVANTAGE TRUST
(BTA)<br>STATEMENT OF
OPERATIONS<br> For the period November 7,
2005 (date of inception) to January 4,
2006</p>

<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:#cceeff">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="402"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="54"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Investment
income
</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&mdash;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 8pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Expenses</font></td>
<td style="padding-top: 8pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Organization
expenses </font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">39,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px double #ffffff ; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Net investment
loss
</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">
														(39,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">)&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

</div>
</div>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">See
Notes to Financial
Statements.</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">F-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">BLACKROCK
LONG-TERM MUNICIPAL ADVANTAGE TRUST (BTA)<br>STATEMENT OF CHANGES IN
NET ASSETS<br> For the period November 7, 2005 (date of inception) to
January 4,
2006</p>

<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:#cceeff">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="401"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="55"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">INCREASE
(DECREASE) IN NET
ASSETS</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 8pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Operations:</font></td>
<td style="padding-top: 8pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Net
investment loss
</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">
														(39,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px double #ffffff ; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">)&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Net decrease in
net assets resulting from operations
</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">(39,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px double #ffffff ; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">)&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 8pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Capital
Share Transactions</font></td>
<td style="padding-top: 8pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 20pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Net proceeds from
the issuance of common shares
</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">139,010</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px double #ffffff ; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 30pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Total increase
</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">100,010</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 8pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">NET
ASSETS</font></td>
<td style="padding-top: 8pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Beginning of period
</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px solid #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&mdash;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 1px double #ffffff ; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">End of period (including
accumulated net investment loss of $39,000)
</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #000000; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">100,010</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

</div>
</div>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">See
Notes to Financial Statements.</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">F-4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>

<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">NOTES TO
FINANCIAL
STATEMENTS</p>


<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Note
1.&nbsp;&nbsp;&nbsp;&nbsp;Organization</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11.42pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">BlackRock Long-Term Municipal
Advantage Trust (the "Trust") was organized
as a Delaware statutory trust on November 7, 2005, and is registered as
a non-diversified, closed-end management investment company under the
Investment Company Act of 1940, as amended. The Trust had no operations
other than a sale to BlackRock Funding, Inc. of 9,704 shares of common
stock for $139,010 ($14.325 per share).</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11.42pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<b>Investment
Valuation:</b>&nbsp;&nbsp;&nbsp;&nbsp;Municipal investments (including commitments to
purchase such investments on a "when-issued"
basis) are valued on the basis of prices provided by dealers or pricing
services selected under the supervision the Trusts Board of Trustees
(the "Board"). In determining the value of a
particular investment, pricing services may use certain information
with respect to transactions in such investments, quotations from bond
dealers, market transactions in comparable investments and various
relationships between investments. A futures contract is valued at the
last sale price as of the close of the commodities exchange on which it
trades. Short-term securities may be valued at amortized cost.
Investments in open-end investment companies are valued at net asset
value. Any investments or other assets for which such current market
quotations are not readily available are valued at fair value
("Fair Value Assets") as determined in good
faith under procedures established by, and under the general
supervision and responsibility the Trusts Board. The investment advisor
and/or sub-advisor will submit its recommendations regarding the
valuation and/or valuation methodologies for Fair Value Assets to a
valuation committee. The valuation committee may accept, modify or
reject any recommendations. The pricing of all Fair Value Assets shall
be subsequently reported to and ratified by the Board.</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11.42pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The valuation committee may accept, modify or reject any
recommendations. The pricing of all Fair Value Assets shall be
subsequently reported to and ratified by the Board.</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11.42pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">When
determining the price for a Fair Value Asset, the investment advisor
and/or sub-advisor shall seek to determine the price that the Trust
might reasonably expect to receive from the current sale of that asset
in an arms-length transaction. Fair value determinations shall be based
upon all available factors that the investment advisor and/or
sub-advisor deems relevant.</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11.42pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<b>Federal Income
Taxes:</b>&nbsp;&nbsp;&nbsp;&nbsp;It is the Trust's intention to elect to be
treated as a regulated investment company under the Internal Revenue
Code and to distribute sufficient amounts of its net income and capital
gains to shareholders. Therefore, no Federal income tax or excise tax
provisions are required.</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11.42pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<b>Estimates:</b>&nbsp;&nbsp;&nbsp;&nbsp;The
preparation of these financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Actual results could differ from these estimates.</p>


<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Note
2.&nbsp;&nbsp;&nbsp;&nbsp;Agreements</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11.42pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">The Trust has entered into an
Investment Management Agreement with BlackRock Advisors, Inc. (the
"Advisor"), a wholly-owned subsidiary of
BlackRock, Inc., BlackRock Financial Management, Inc. a wholly owned
subsidiary of BlackRock, Inc. serves as sub-advisor to the Trust.
BlackRock, Inc. is an indirect majority owned subsidiary of The PNC
Financial Services Group, Inc. The Trust will pay the Advisor a monthly
fee (the "Investment Management Fee") in an
amount equal to 1.00% of the average weekly value of the
Trust's Net Assets. "Net Assets" means
the total assets of the Trust minus the sum of accrued liabilities. The
Advisor has voluntarily agreed to waive a portion of the management fee
or other expenses of the Trust in the amount of 0.40% of the
average weekly value of the Trust's Net Assets for the first five
years of the Trust's operations (through January 31, 2011), and
for declining amounts for the following three years, 0.30% in
year six (through January 31, 2012), 0.20% in year seven
(through January 31, 2013) and 0.10% in year eight (through
January 31, 2014). The Investment Management Fee covers both investment
advisory and administrative services.</p>


<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Note 3.&nbsp;&nbsp;&nbsp;&nbsp;Organization
Expenses and Offering Costs</p>


<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 11.42pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Organization expenses of
$39,000 incurred by the Trust have been expensed. Offering costs,
estimated to be approximately $876,000, limited to $0.03 per share,
will be charged to paid-in capital at the time common shares are
sold.</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">F-5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">APPENDIX
A</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">RATINGS
OF INVESTMENTS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Standard &amp;
Poor&rsquo;s Corporation</font>&mdash;A brief description of the
applicable Standard &amp; Poor&rsquo;s Corporation
(&lsquo;&lsquo;S&amp;P&rsquo;&rsquo;)
rating symbols and their meanings (as published by S&amp;P)
follows:</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">ISSUE CREDIT RATING
DEFINITIONS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A Standard &amp;
Poor&rsquo;s issue credit rating is a current opinion of the
creditworthiness of an obligor with respect to a specific financial
obligation, a specific class of financial obligations, or a specific
financial program (including ratings on medium-term note programs and
commercial paper programs). It takes into consideration the
creditworthiness of guarantors, insurers, or other forms of credit
enhancement on the obligation and takes into account the currency in
which the obligation is denominated. The issue credit rating is not a
recommendation to purchase, sell, or hold a financial obligation,
inasmuch as it does not comment as to market price or suitability for a
particular investor.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Issue credit
ratings are based on current information furnished by the obligors or
obtained by Standard &amp; Poor&rsquo;s from other sources it
considers reliable. Standard &amp; Poor&rsquo;s does not perform an
audit in connection with any credit rating and may, on occasion, rely
on unaudited financial information. Credit ratings may be changed,
suspended, or withdrawn as a result of changes in, or unavailability
of, such information, or based on other
circumstances.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Issue credit ratings can
be either long term or short term. Short-term ratings are generally
assigned to those obligations considered short-term in the relevant
market. In the U.S., for example, that means obligations with an
original maturity of no more than 365 days&mdash;including commercial
paper. Short-term ratings are also used to indicate the
creditworthiness of an obligor with respect to put features on
long-term obligations. The result is a dual rating, in which the
short-term rating addresses the put feature, in addition to the usual
long-term rating. Medium-term notes are assigned long-term
ratings.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Long-Term Issue Credit
Ratings</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Issue credit ratings are
based, in varying degrees, on the following
considerations:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">Likelihood
of payment&mdash;capacity and willingness of the obligor to meet its
financial commitment on an obligation in accordance with the terms of
the
obligation;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">Nature
of and provisions of the obligation;
and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">Protection
afforded by, and relative position of, the obligation in the event of
bankruptcy, reorganization, or other arrangement under the laws of
bankruptcy and other laws affecting creditors&rsquo;
rights.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The issue rating definitions
are expressed in terms of default risk. As such, they pertain to senior
obligations of an entity. Junior obligations are typically rated lower
than senior obligations, to reflect the lower priority in bankruptcy,
as noted above. (Such differentiation applies when an entity has both
senior and subordinated obligations, secured and unsecured obligations,
or operating company and holding company obligations.) Accordingly, in
the case of junior debt, the rating may not conform exactly with the
category
definition.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AAA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated
&lsquo;&lsquo;AAA&rsquo;&rsquo;
has the highest rating assigned by Standard &amp; Poor&rsquo;s. The
obligor&rsquo;s capacity to meet its financial commitment on the
obligation is extremely
strong.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated
&lsquo;&lsquo;AA&rsquo;&rsquo;
differs from the highest-rated obligations only to a small degree. The
obligor&rsquo;s capacity to meet its financial commitment on the
obligation is very
strong.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"A"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated
&lsquo;&lsquo;A&rsquo;&rsquo;
is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than obligations in higher-rated
categories. However, the obligor&rsquo;s capacity to meet its
financial commitment on the obligation is still
strong.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BBB"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated
&lsquo;&lsquo;BBB&rsquo;&rsquo;
exhibits adequate protection parameters. However, adverse economic
conditions or changing circumstances are more likely to lead to a
weakened capacity of the obligor to meet its financial commitment on
the
obligation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BB,"
"B," "CCC,"
"CC," and
"C"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Obligations
rated
&lsquo;&lsquo;BB&rsquo;&rsquo;,
&lsquo;&lsquo;B&rsquo;&rsquo;,
&lsquo;&lsquo;CCC&rsquo;&rsquo;,
&lsquo;&lsquo;CC&rsquo;&rsquo;,
and
&lsquo;&lsquo;C&rsquo;&rsquo;
are regarded as having significant speculative characteristics.
&lsquo;&lsquo;BB&rsquo;&rsquo;
indicates the least degree of speculation and
&lsquo;&lsquo;C&rsquo;&rsquo;
the highest. While such obligations will likely have some quality and
protective characteristics, these may be outweighed by large
uncertainties or major exposures to adverse
conditions.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BB"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated
&lsquo;&lsquo;BB&rsquo;&rsquo;
is less vulnerable to nonpayment than other speculative issues.
However, it faces major ongoing uncertainties or exposure to adverse
business, financial, or economic conditions which could lead to the
obligor&rsquo;s inadequate capacity to meet its financial commitment
on the
obligation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated
&lsquo;&lsquo;B&rsquo;&rsquo;
is more vulnerable to nonpayment than obligations rated
&lsquo;&lsquo;BB&rsquo;&rsquo;,
but the obligor currently has the capacity to meet its financial
commitment on the obligation. Adverse business, financial, or economic
conditions will likely impair the obligor&rsquo;s capacity or
willingness to meet its financial commitment on the
obligation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"CCC"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated
&lsquo;&lsquo;CCC&rsquo;&rsquo;
is currently vulnerable to nonpayment, and is dependent upon favorable
business, financial, and economic conditions for the obligor to meet
its financial commitment on the obligation. In the event of adverse
business, financial, or economic conditions, the obligor is not likely
to have the capacity to meet its financial commitment on the
obligation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"CC"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated
&lsquo;&lsquo;CC&rsquo;&rsquo;
is currently highly vulnerable to
nonpayment.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"C''</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
subordinated debt or preferred stock obligation rated
&lsquo;&lsquo;C&rsquo;&rsquo;
is currently highly vulnerable to nonpayment. The
&lsquo;&lsquo;C&rsquo;&rsquo;
rating may be used to cover a situation where a bankruptcy petition has
been filed or similar action taken, but payments on this obligation are
being continued. A
&lsquo;&lsquo;C&rsquo;&rsquo;
also will be assigned to a preferred stock issue in arrears on
dividends or sinking fund payments, but that is currently
paying.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"D"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated
&lsquo;&lsquo;D&rsquo;&rsquo;
is in payment default. The
&lsquo;&lsquo;D&rsquo;&rsquo;
rating category is used when payments on an obligation are not made on
the date due even if the applicable grace period has not expired,
unless Standard &amp; Poor&rsquo;s believes that such payments will be
made during such grace period. The
&lsquo;&lsquo;D&rsquo;&rsquo;
rating also will be used upon the filing of a bankruptcy petition or
the taking of a similar action if payments on an obligation are
jeopardized.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">PLUS (+) OR
MINUS (&minus;)</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">The ratings from
&lsquo;&lsquo;AA&rsquo;&rsquo;
to
&lsquo;&lsquo;CCC&rsquo;&rsquo;
may be modified by the addition of a plus (+) or minus (&ndash;) sign
to show relative standing within the major rating
categories.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"N.R."</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This
indicates that no rating has been requested, that there is insufficient
information on which to base a rating, or that Standard &amp;
Poor&rsquo;s does not rate a particular obligation as a matter of
policy.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Short-Term Issue Credit
Ratings</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"A-1"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
short-term obligation rated
&lsquo;&lsquo;A-1&rsquo;&rsquo;
is rated in the highest category by Standard &amp; Poor&rsquo;s. The
obligor&rsquo;s capacity to meet its financial commitment on the
obligation is strong. Within this category, certain obligations are
designated with a plus sign (+). This indicates that the
obligor&rsquo;s capacity to meet its financial commitment on these
obligations is extremely
strong.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"A-2"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
short-term obligation rated
&lsquo;&lsquo;A-2&rsquo;&rsquo;
is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than obligations in higher rating
categories. However, the obligor&rsquo;s capacity to meet its
financial commitment on the obligation is
satisfactory.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"A-3"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
short-term obligation rated
&lsquo;&lsquo;A-3&rsquo;&rsquo;
exhibits adequate protection parameters. However, adverse economic
conditions or changing circumstances are more likely to lead to a
weakened capacity of the obligor to meet its financial commitment on
the
obligation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
short-term obligation rated
&lsquo;&lsquo;B&rsquo;&rsquo;
is regarded as having significant speculative characteristics. Ratings
of
&lsquo;&lsquo;B-1&rsquo;&rsquo;,
&lsquo;&lsquo;B-2&rsquo;&rsquo;,
and
&lsquo;&lsquo;B-3&rsquo;&rsquo;
may be assigned to indicate finer distinctions within the
&lsquo;&lsquo;B&rsquo;&rsquo;
category. The obligor currently has the capacity to meet its financial
commitment on the obligation; however, it faces major ongoing
uncertainties which could lead to the obligor's inadequate
capacity to meet its financial commitment on the
obligation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B-1"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
short-term obligation rated
&lsquo;&lsquo;B-1&rsquo;&rsquo;
is regarded as having significant speculative characteristics, but the
obligor has a relatively stronger capacity to meet its financial
commitments over the short-term compared to other speculative-grade
obligors.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B-2"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
short-term obligation rated
&lsquo;&lsquo;B-2&rsquo;&rsquo;
is regarded as having significant speculative characteristics, and the
obligor has an average speculative-grade capacity to meet its financial
commitments over the short-term compared to other speculative-grade
obligors.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B-3"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
short-term obligation rated
&lsquo;&lsquo;B-3&rsquo;&rsquo;
is regarded as having significant speculative characteristics, and the
obligor has a relatively weaker capacity to meet its financial
commitments over the short-term compared to other speculative-grade
obligors.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"C"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
short-term obligation rated
&lsquo;&lsquo;C&rsquo;&rsquo;
is currently vulnerable to nonpayment and is dependent upon favorable
business, financial, and economic conditions for the obligor to meet
its financial commitment on the
obligation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"D"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
short-term obligation rated
&lsquo;&lsquo;D&rsquo;&rsquo;
is in payment default. The
&lsquo;&lsquo;D&rsquo;&rsquo;
rating category is used when payments on an obligation are not made on
the date due even if the applicable grace period has not expired,
unless Standard &amp; Poor&rsquo;s believes that such payments will be
made during such grace period. The
&lsquo;&lsquo;D&rsquo;&rsquo;
rating also will be used upon the filing of a bankruptcy petition or
the taking of a similar action if payments on an obligation are
jeopardized.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Active Qualifiers
(Currently applied and/or
outstanding)</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"i"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This
subscript is used for issues in which the credit factors, terms, or
both, that determine the likelihood of receipt of payment of interest
are different from the credit factors, terms or both that determine the
likelihood of receipt of principal on the obligation. The
&lsquo;&lsquo;i&rsquo;&rsquo;
subscript indicates that the rating addresses the interest portion of
the obligation only. The
&lsquo;&lsquo;i&rsquo;&rsquo;
subscript will always be used in conjunction with the
&lsquo;&lsquo;p&rsquo;&rsquo;
subscript, which addresses likelihood of receipt of principal. For
example, a rated obligation could be assigned ratings of
&lsquo;&lsquo;AAAp
N.R.i&rsquo;&rsquo; indicating that the
principal portion is rated
&lsquo;&lsquo;AAA&rsquo;&rsquo;
and the interest portion of the obligation is not
rated.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"L"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Ratings
qualified with
&lsquo;&lsquo;L&rsquo;&rsquo;
apply only to amounts invested up to federal deposit insurance
limits.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"P"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This
subscript is used for issues in which the credit factors, the terms, or
both, that determine the likelihood of receipt of payment of principal
are different from the credit factors, terms or both that determine the
likelihood of receipt of interest on the obligation. The
&lsquo;&lsquo;p&rsquo;&rsquo;
subscript indicates that the rating addresses the principal portion of
the obligation only. The
&lsquo;&lsquo;p&rsquo;&rsquo;
subscript will always be used in conjunction with the
&lsquo;&lsquo;i&rsquo;&rsquo;
subscript, which addresses likelihood of receipt of interest. For
example, a rated obligation could be assigned ratings of
&lsquo;&lsquo;AAAp
N.R.i&rsquo;&rsquo; indicating that the
principal portion is rated
&lsquo;&lsquo;AAA&rsquo;&rsquo;
and the interest portion of the obligation is not
rated.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"pi"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Ratings
with a
&lsquo;&lsquo;pi&rsquo;&rsquo;
subscript are based on an analysis of an issuer&rsquo;s published
financial information, as well as additional information in the public
domain. They do not, however, reflect in-depth meetings with an
issuer&rsquo;s management and are therefore based on less
comprehensive information than ratings without a
&lsquo;&lsquo;pi&rsquo;&rsquo;
subscript. Ratings with a
&lsquo;&lsquo;pi&rsquo;&rsquo;
subscript are reviewed annually based on a new year&rsquo;s financial
statements, but may be reviewed on an interim basis if a major event
occurs that may affect the issuer&rsquo;s credit
quality.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"pr"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">The
letters
&lsquo;&lsquo;pr&rsquo;&rsquo;
indicate that the rating is provisional. A provisional rating assumes
the successful completion of the project financed by the debt being
rated and indicates that payment of debt service requirements is
largely or entirely dependent upon the successful, timely completion of
the project. This rating, however, while addressing credit quality
subsequent to completion of the project, makes no comment on the
likelihood of or the risk of default upon failure of such completion.
The investor should exercise his own judgment with respect to such
likelihood and
risk.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"preliminary"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Preliminary
ratings are assigned to issues, including financial programs, in the
following
circumstances.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Preliminary
ratings may be assigned to obligations, most commonly structured and
project finance issues, pending receipt of final documentation and
legal opinions. Assignment of a final rating is conditional on the
receipt and approval by Standard &amp; Poor's of appropriate
documentation. Changes in the information provided to Standard &amp;
Poor&rsquo;s could result in the assignment of a different rating. In
addition, Standard &amp; Poor's reserves the right not to issue a
final
rating.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Preliminary
ratings are assigned to Rule 415 Shelf Registrations. As specific
issues, with defined terms, are offered from the master registration, a
final rating may be assigned to them in accordance with Standard &amp;
Poor&rsquo;s policies. The final rating may differ from the
preliminary
rating.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"t"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This
symbol indicates termination structures that are designed to honor
their contracts to full maturity or, should certain events occur, to
terminate and cash settle all their contracts before their final
maturity date.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Inactive Qualifiers (No
longer applied or
outstanding)</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"*"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This
symbol indicated continuance of the ratings is contingent upon Standard
&amp; Poor's receipt of an executed copy of the escrow agreement
or closing documentation confirming investments and cash flows.
Discontinued use in August
1998.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"C"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This
qualifier was used to provide additional information to investors that
the bank may terminate its obligation to purchase tendered bonds if the
long-term credit rating of the issuer is below an investment-grade
level and/or the issuer&rsquo;s bonds are deemed taxable. Discontinued
use in January
2001.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"q"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
&lsquo;&lsquo;q&rsquo;&rsquo;
subscript indicates that the rating is based solely on quantitative
analysis of publicly available information. Discontinued use in April
2001.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"r"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">The
&lsquo;&lsquo;r&rsquo;&rsquo;
modifier was assigned to securities containing extraordinary risks,
particularly market risks, that are not covered in the credit rating.
The absence of an
&lsquo;&lsquo;r&rsquo;&rsquo;
modifier should not be taken as an indication that an obligation will
not exhibit extraordinary non-credit related risks. Standard &amp;
Poor&rsquo;s discontinued the use of the
&lsquo;&lsquo;r&rsquo;&rsquo;
modifier for most obligations in June 2000 and for the balance of
obligations (mainly structured finance transactions) in November
2002.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">MUNICIPAL
ISSUER CREDIT RATING
DEFINITIONS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A Standard &amp;
Poor's issuer credit rating is a current opinion of an
obligor's overall financial capacity (its creditworthiness) to
pay its financial obligations. This opinion focuses on the
obligor's capacity and willingness to meet its financial
commitments as they come due. It does not apply to any specific
financial obligation, as it does not take into account the nature of
and provisions of the obligation, its standing in bankruptcy or
liquidation, statutory preferences, or the legality and enforceability
of the obligation. In addition, it does not take into account the
creditworthiness of the guarantors, insurers, or other forms of credit
enhancement on the obligation. The issuer credit rating is not a
recommendation to purchase, sell or hold a financial obligation issued
by an obligor, as it does not comment on market price or suitability
for a particular investor.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Issuer
credit ratings are based on current information furnished by obligors
or obtained by Standard &amp; Poor's from other sources it
considers reliable. Standard &amp; Poor's does not perform an
audit in connection with any issuer credit rating and may, on occasion,
rely on unaudited financial information. Issuer credit ratings may be
changed, suspended, or withdrawn as a result of changes in, or
unavailability of, such information, or based on other circumstances.
Issuer credit ratings can be either long term or short term. Short-term
issuer credit ratings reflect the obligor's creditworthiness over
a short-term time horizon.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Long-Term
Issue Credit Ratings</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Issue credit
ratings are based in varying degrees, on the following
considerations:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">Likelihood of
payment&mdash;capacity and willingness of the obligor to meet its
financial commitment on an obligation in accordance with the terms of
the obligation;</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">Nature of and provisions of
the obligation; and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">Protection afforded by, and
relative position of, the obligation in the event of bankruptcy,
reorganization, or other arrangement under the laws of bankruptcy and
other laws affecting creditors' rights.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The issue ratings definitions are expressed in terms
of default risk. As such, they pertain to senior obligations of an
entity. Junior obligations are typically rated lower than senior
obligations, to reflect the lower priority in bankruptcy, as noted
above.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AAA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated 'AAA' has the highest rating assigned by
Standard &amp; Poor's. The obligor's capacity to meet its
financial commitment on the obligation is extremely
strong.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated 'AA' differs from the highest-rated
obligations only to a small degree. The obligor's capacity to
meet its financial commitment on the obligation is very
strong.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"A"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated 'A' is somewhat more susceptible to the
adverse effects of changes in circumstances and economic conditions
than obligations in higher-rated categories. However, the
obligor's capacity to meet its financial commitment on the
obligation is still strong.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BBB"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated 'BBB' exhibits adequate protection
parameters. However, adverse economic conditions or changing
circumstances are more likely to lead to a weakened capacity of the
obligor to meet its financial commitment on the
obligation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BB," "B,"
"CCC," "CC," and
"C"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Obligations rated 'BB', 'B',
'CCC', 'CC', and 'C' are regarded
as having significant speculative characteristics. 'BB'
indicates the least degree of speculation and 'C' the
highest. While such obligations will likely have some quality and
protective characteristics, these may be outweighed by large
uncertainties or major exposures to adverse
conditions.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BB"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated 'BB' is less vulnerable to nonpayment than
other speculative issues. However, it faces major ongoing uncertainties
or exposure to adverse business, financial, or economic conditions,
which could lead to the obligor's inadequate capacity to meet its
financial commitment on the obligation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated 'B' is more vulnerable to nonpayment than
obligations rated 'BB', but the obligor currently has the
capacity to meet its financial commitment on the obligation. Adverse
business, financial, or economic conditions will likely impair the
obligor's capacity or willingness to meet its financial
commitment on the obligation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"CCC"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated 'CCC' is currently vulnerable to
nonpayment and is dependent upon favorable business, financial, and
economic conditions for the obligor to meet its financial commitment on
the obligation. In the event of adverse business, financial, or
economic conditions, the obligor is not likely to have the capacity to
meet its financial commitment on the obligation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"CC"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated 'CC' is currently highly vulnerable to
nonpayment.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"C"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">The
'C' rating may be used to cover a situation where a
bankruptcy petition has been filed or similar action has been taken,
but payments on this obligation are being
continued.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"D"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
obligation rated 'D' is in payment default. The
'D' rating category is used when payments on an obligation
are not made on the date due even if the applicable grace period has
not expired, unless Standard &amp; Poor's believes that such
payments will be made during such grace period. The 'D'
rating also will be used upon the filing of a bankruptcy petition or
the taking of a similar action if payments on an obligation are
jeopardized.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">PLUS (+) OR
MINUS (&minus;)</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">The ratings from
'AA' to 'CCC' may be modified by the addition
of a plus (+) or minus (&ndash;) sign to show relative standing within
the major rating categories.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"N.R."</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">An
issue designated N.R. is not
rated.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Short-Term Issue Credit
Ratings</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Notes</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A
Standard &amp; Poor's U.S. municipal note rating reflects the
liquidity factors and market access risks unique to notes. Notes due in
three years or less will likely receive a note rating. Notes maturing
beyond three years will most likely receive a long-term debt rating.
The following criteria will be used in making that
assessment:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Amortization
schedule&mdash;the larger the final maturity relative to other
maturities, the more likely it will be treated as a note;
and</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Source of payment&mdash;the more
dependent the issue is on the market for its refinancing, the more
likely it will be treated as a note.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Note rating symbols
are as follows:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"SP-1"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Strong
capacity to pay principal and interest. An issue determined to possess
a very strong capacity to pay debt service is given a plus (+)
designation.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"SP-2"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Satisfactory
capacity to pay principal and interest, with some vulnerability to
adverse financial and economic changes over the term of the
notes.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"SP-3"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Speculative
capacity to pay principal and
interest.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Moody&rsquo;s
Investors Service, Inc</font>.&mdash;A brief description of the
applicable Moody&rsquo;s Investors Service, Inc.
(&lsquo;&lsquo;Moody&rsquo;s&rsquo;&rsquo;)
rating symbols and their meanings (as published by Moody&rsquo;s)
follows:</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">LONG TERM OBLIGATION
RATINGS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Moody&rsquo;s long
term obligation ratings are opinions of the relative credit risk of a
fixed income obligation with an original maturity of one year or more.
They address the possibility that a financial obligation will not be
honored as promised. Such ratings reflect both the likelihood of
default and any financial loss suffered in the event of
default.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Long Term Rating
Definitions:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AAA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Obligations
rated Aaa are judged to be of the highest quality, with minimal credit
risk.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Obligations
rated Aa are judged to be of high quality and are subject to very low
credit
risk.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"A"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Obligations
rated A are considered upper medium grade and are subject to low credit
risk.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BAA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Obligations
rated Baa are subject to moderate credit risk. They are considered
medium grade and as such may possess certain speculative
characteristics.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Obligations
rated Ba are judged to have speculative elements and are subject to
substantial credit
risk.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Obligations
rated B are considered speculative and are subject to high credit
risk.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"CAA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Obligations
rated Caa are judged to be of poor standing and are subject to very
high credit
risk.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"CA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Obligations
rated Ca are highly speculative and are likely in, or very near,
default, with some prospect of recovery of principal and
interest.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"C"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Obligations
rated C are the lowest rated class of bonds and are typically in
default, with little prospect for recovery of principal or
interest.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Note</b>:&nbsp;&nbsp;&nbsp;&nbsp;Moody&rsquo;s
appends numerical modifiers 1, 2, and 3 to each generic rating
classification from Aa through Caa. The modifier 1 indicates that the
obligation ranks in the higher end of its generic </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
rating category; the modifier 2 indicates a
mid range ranking; and the modifier 3 indicates a ranking in the lower
end of that generic rating
category.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">MEDIUM TERM NOTE
RATINGS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Moody&rsquo;s assigns
long term ratings to individual debt securities issued from medium term
note (MTN) programs, in addition to indicating ratings to MTN programs
themselves. Notes issued under MTN programs with such indicated ratings
are rated at issuance at the rating applicable to all par&iacute; passu
notes issued under the same program, at the program&rsquo;s relevant
indicated rating, provided such notes do not exhibit any of the
characteristics of listed
below:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">Notes
containing features that link interest or principal to the credit
performance of any third party or
parties</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">Notes
allowing for negative coupons, or negative
principal</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">Notes
containing any provision that could obligate the investor to make any
additional
payments</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="545"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">&bull;&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 413pt">Notes
containing provisions that subordinate the
claim.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">For notes with any of these
characteristics, the rating of the individual note may differ from the
indicated rating of the program.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Market
participants must determine whether any particular note is rated, and
if so, at what rating level. Moody&rsquo;s encourages market
participants to contact Moody&rsquo;s Ratings Desks or visit
www.moodys.com directly if they have questions regarding ratings for
specific notes issued under a medium term note program. Unrated notes
issued under an MTN program may be assigned an NR
symbol.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">SHORT TERM RATING
DEFINITIONS:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Moody&rsquo;s
short term ratings are opinions of the ability of issuers to honor
short term financial obligations. Ratings may be assigned to issuers,
short term programs or to individual short term debt instruments. Such
obligations generally have an original maturity not exceeding thirteen
months, unless explicitly
noted.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Moody&rsquo;s employs the
following designations to indicate the relative repayment ability of
rated
issuers:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"P-1"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
(or supporting institutions) rated Prime 1 have a superior ability to
repay short term debt
obligations.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"P-2"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
(or supporting institutions) rated Prime 2 have a strong ability to
repay short term debt
obligations.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"P-3"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
(or supporting institutions) rated Prime 3 have an acceptable ability
to repay short term
obligations.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"NP"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
(or supporting institutions) rated Not Prime do not fall within any of
the Prime rating
categories.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Note</b>:&nbsp;&nbsp;&nbsp;&nbsp;Canadian
issuers rated P 1 or P 2 have their short term ratings enhanced by the
senior most long term rating of the issuer, its guarantor or support
provider.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">US MUNICIPAL AND TAX
EXEMPT RATINGS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Municipal
Ratings are opinions of the investment quality of issuers and issues in
the US municipal and tax exempt markets. As such, these ratings
incorporate Moody&rsquo;s assessment of the default probability and
loss severity of these issuers and issues. The default and loss content
for Moody&rsquo;s municipal long term rating scale differs from
Moody&rsquo;s general long term rating scale. (Please refer to
Corporate Equivalent Ratings under Policies and
Procedures.)</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-8</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Municipal Ratings are based
upon the analysis of four primary factors relating to municipal
finance: economy, debt, finances, and administration/management
strategies. Each of the factors is evaluated individually and for its
effect on the other factors in the context of the municipality&rsquo;s
ability to repay its debt.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Municipal
Long Term Rating
Definitions:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AAA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
or issues rated Aaa demonstrate the strongest creditworthiness relative
to other US municipal or tax exempt issuers or
issues.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
or issues rated Aa demonstrate very strong creditworthiness relative to
other US municipal or tax exempt issuers or
issues.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"A"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
or issues rated A present above average creditworthiness relative to
other US municipal or tax exempt issuers or
issues.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BAA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
or issues rated Baa represent average creditworthiness relative to
other US municipal or tax exempt issuers or
issues.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
or issues rated Ba demonstrate below average creditworthiness relative
to other US municipal or tax exempt issuers or
issues.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
or issues rated B demonstrate weak creditworthiness relative to other
US municipal or tax exempt issuers or
issues.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"CAA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
or issues rated Caa demonstrate very weak creditworthiness relative to
other US municipal or tax exempt issuers or
issues.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"CA"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
or issues rated Ca demonstrate extremely weak creditworthiness relative
to other US municipal or tax exempt issuers or
issues.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"C"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Issuers
or issues rated C demonstrate the weakest creditworthiness relative to
other US municipal or tax exempt issuers or
issues.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<b>Note</b>:&nbsp;&nbsp;&nbsp;&nbsp;Moody&rsquo;s
appends numerical modifiers 1, 2, and 3 to each generic rating category
from Aa through Caa. The modifier 1 indicates that the issuer or
obligation ranks in the higher end of its generic rating category; the
modifier 2 indicates a mid range ranking; and the modifier 3 indicates
a ranking in the lower end of that generic rating
category.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">US Municipal Short Term Debt
And Demand Obligation
Ratings</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Municipal Short Term Rating
Definitions:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">There are three rating
categories for short term municipal obligations that are considered
investment grade. These ratings are designated as Municipal Investment
Grade (MIG) and are divided into three levels&mdash;MIG 1 through MIG
3. In addition, those short term obligations that are of speculative
quality are designated SG, or speculative grade. MIG ratings expire at
the maturity of the
obligation.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"MIG
1"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This designation
denotes superior credit quality. Excellent protection is afforded by
established cash flows, highly reliable liquidity support, or
demonstrated broad based access to the market for
refinancing.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"MIG
2"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This designation
denotes strong credit quality. Margins of protection are ample,
although not as large as in the preceding
group.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"MIG
3"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This designation
denotes acceptable credit quality. Liquidity and cash flow protection
may be narrow, and market access for refinancing is likely to be less
well
established.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"SG"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This
designation denotes speculative grade credit quality. Debt instruments
in this category may lack sufficient margins of
protection.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-9</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Demand Obligation Rating
Definitions:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In the case of variable
rate demand obligations (VRDOs), a two component rating is assigned; a
long or short term debt rating and a demand obligation rating. The
first element represents Moody&rsquo;s evaluation of the degree of
risk associated with scheduled principal and interest payments. The
second element represents Moody&rsquo;s evaluation of the degree of
risk associated with the ability to receive purchase price upon demand
(&lsquo;&lsquo;demand
feature&rsquo;&rsquo;), using a variation
of the MIG rating scale, the Variable Municipal Investment Grade or
VMIG rating.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">When either the long or
short term aspect of a VRDO is not rated, that piece is designated NR,
e.g. Aaa/NR or NR/VMIG 1.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">VMIG rating
expirations are a function of each issue&rsquo;s specific structural
or credit
features.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"VMIG
1"</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This designation
denotes superior credit quality. Excellent protection is afforded by
the superior short term credit strength of the liquidity provider and
structural and legal protections that ensure the timely payment of
purchase price upon
demand.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"VMIG
2"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This designation
denotes strong credit quality. Good protection is afforded by the
strong short term credit strength of the liquidity provider and
structural and legal protections that ensure the timely payment of
purchase price upon
demand.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"VMIG
3"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This designation
denotes acceptable credit quality. Adequate protection is afforded by
the satisfactory short term credit strength of the liquidity provider
and structural and legal protections that ensure the timely payment of
purchase price upon
demand.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"SG"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">This
designation denotes speculative grade credit quality. Demand features
rated in this category may be supported by a liquidity provider that
does not have an investment grade short term rating or may lack the
structural and/or legal protections necessary to ensure the timely
payment of purchase price upon
demand.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Fitch IBCA,
Inc</font>.&mdash;A brief description of the applicable Fitch IBCA, Inc.
(&lsquo;&lsquo;Fitch&rsquo;&rsquo;)
ratings symbols and meanings (as published by Fitch)
follows:</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INTERNATIONAL
LONG-TERM CREDIT
RATINGS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">International
Long-Term Credit Ratings (LTCR) may also be referred to as Long-Term
Ratings. When assigned to most issuers, it is used as a benchmark
measure of probability of default and is formally described as an
Issuer Default Rating (IDR). The major exception is within Public
Finance, where IDRs will not be assigned as market convention has
always focused on timeliness and does not draw analytical distinctions
between issuers and their underlying obligations. When applied to
issues or securities, the LTCR may be higher or lower than the issuer
rating (IDR) to reflect relative differences in recovery
expectations.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following rating
scale applies to foreign currency and local currency
ratings:</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Investment
Grade</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 7.199999999999999px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AAA"</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Highest
credit quality</b>.
&nbsp;&nbsp;&nbsp;&lsquo;&lsquo;AAA&rsquo;&rsquo;
ratings denote the lowest expectation of credit risk. They are assigned
only in case of exceptionally strong capacity for payment of financial
commitments. This capacity is highly unlikely to be adversely affected
by foreseeable
events.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AA"</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Very
high credit quality</b>.
&lsquo;&lsquo;AA&rsquo;&rsquo;&nbsp;&nbsp;&nbsp;
ratings denote expectations of very low credit risk. They indicate very
strong capacity for payment of financial commitments. This capacity is
not significantly vulnerable to foreseeable
events.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-10</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"A"</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>High
credit quality</b>.
&lsquo;&lsquo;A&rsquo;&rsquo;&nbsp;&nbsp;&nbsp;
ratings denote expectations of low credit risk. The capacity for
payment of financial commitments is considered strong. This capacity
may, nevertheless, be more vulnerable to changes in circumstances or in
economic conditions than is the case for higher
ratings.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BBB"</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Good
credit quality</b>.&nbsp;&nbsp;&nbsp;
&lsquo;&lsquo;BBB&rsquo;&rsquo;
ratings indicate that there is currently expectations of low credit
risk. The capacity for payment of financial commitments is considered
adequate but adverse changes in circumstances and economic conditions
are more likely to impair this capacity. This is the lowest investment
grade
category.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 3pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">Speculative
Grade</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="18"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="375"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BB"</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="7"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Speculative</b>.&nbsp;&nbsp;&nbsp;
&lsquo;&lsquo;BB&rsquo;&rsquo;
ratings indicate that there is a possibility of credit risk developing,
particularly as the result of adverse economic change over time;
however, business or financial alternatives may be available to allow
financial commitments to be met. Securities rated in this category are
not investment
grade.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="7"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Highly
speculative</b>.&nbsp;&nbsp;&nbsp; For issuers and performing obligations,
&lsquo;&lsquo;B&rsquo;&rsquo;
ratings indicate that significant credit risk is present, but a limited
margin of safety remains. Financial commitments are currently being
met; however, capacity for continued payment is contingent upon a
sustained, favorable business and economic environment. For individual
obligations, may indicate distressed or defaulted obligations with
potential for extremely high recoveries. Such obligations would possess
a Recovery Rating of
&lsquo;&lsquo;R1&rsquo;&rsquo;
(outstanding).</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"CCC"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="7"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">For
issuers and performing obligations, default is a real possibility.
Capacity for meeting financial commitments is solely reliant upon
sustained, favorable business or economic conditions. For individual
obligations, may indicate distressed or defaulted obligations with
potential for average to superior levels of recovery. Differences in
credit quality may be denoted by plus/minus distinctions. Such
obligations typically would possess a Recovery Rating of
&lsquo;&lsquo;R2&rsquo;&rsquo;
(superior), or
&lsquo;&lsquo;R3&rsquo;&rsquo;
(good) or
&lsquo;&lsquo;R4&rsquo;&rsquo;
(average).</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"CC"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="7"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">For
issuers and performing obligations, default of some kind appears
probable. For individual obligations, may indicate distressed or
defaulted obligations with a Recovery Rating of
&lsquo;&lsquo;R4&rsquo;&rsquo;
(average) or
&lsquo;&lsquo;R5&rsquo;&rsquo;
(below average).</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"C"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="7"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">For
issuers and performing obligations, default is imminent. For individual
obligations, may indicate distressed or defaulted obligations with
potential for below-average to poor recoveries. Such obligations would
possess a Recovery Rating of
&lsquo;&lsquo;R6&rsquo;&rsquo;
(poor).</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"RD"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="7"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Indicates
an entity that has failed to make due payments (within the applicable
grace period) on some but not all material financial obligations, but
continues to honor other classes of
obligations.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"D"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="7"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Indicates
an entity or sovereign that has defaulted on all of its financial
obligations. Default generally is defined as one of the
following:</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&ndash;</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">failure of an obligor to make timely payment of principal and/or
interest under the contractual terms of any financial
obligation;</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&ndash;</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">the bankruptcy
filings, administration, receivership, liquidation or other winding-up
or cessation of business of an obligor;
or</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&ndash;</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">the
distressed or other coercive exchange of an obligation, where creditors
were offered securities with diminished structural or economic terms
compared with the existing
obligation.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Default
ratings are not assigned prospectively; within this context,
non-payment on an instrument that contains a deferral feature or grace
period will not be considered a default until after the expiration of
the deferral or grace period.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-11</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Issuers will be rated
&lsquo;&lsquo;D&rsquo;&rsquo;
upon a default. Defaulted and distressed obligations typically are
rated along the continuum of
&lsquo;&lsquo;C&rsquo;&rsquo;
to
&lsquo;&lsquo;B&rsquo;&rsquo;
ratings categories, depending upon their recovery prospects and other
relevant characteristics. Additionally, in structured finance
transactions, where analysis indicates that an instrument is
irrevocably impaired such that it is not expected to meet pay interest
and/or principal in full in accordance with the terms of the
obligation&rsquo;s documentation during the life of the transaction,
but where no payment default in accordance with the terms of the
documentation is imminent, the obligation may be rated in the
&lsquo;&lsquo;B&rsquo;&rsquo;
or
&lsquo;&lsquo;CCC-C&rsquo;&rsquo;
categories.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Default is determined by
reference to the terms of the obligations&rsquo; documentation. Fitch
will assign default ratings where it has reasonably determined that
payment has not been made on a material obligation in accordance with
the requirements of the obligation&rsquo;s documentation, or where it
believes that default ratings consistent with Fitch&rsquo;s published
definition of default are the most appropriate ratings to
assign.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Notes to International
Long-Term and Short-Term ratings:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
modifiers
&lsquo;&lsquo;+&rsquo;&rsquo;
or
&lsquo;&lsquo;&ndash;&rsquo;&rsquo;
may be appended to a rating to denote relative status within major
rating categories. Such suffixes are not added to the
&lsquo;&lsquo;AAA&rsquo;&rsquo;
Long-term rating category, to categories below
&lsquo;&lsquo;CCC&rsquo;&rsquo;,
or to Short-term ratings other than
&lsquo;&lsquo;F1&rsquo;&rsquo;.
(The +/&minus; modifiers are only used to denote issues within the CCC
category, whereas issuers are only rated CCC without the use of
modifiers.)</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Rating Watch:&nbsp;&nbsp;&nbsp;&nbsp; Ratings
are placed on Rating Watch to notify investors that there is a
reasonable probability of a rating change and the likely direction of
such change. These are designated as
&lsquo;&lsquo;Positive&rsquo;&rsquo;,
indicating a potential upgrade,
&lsquo;&lsquo;Negative&rsquo;&rsquo;,
for a potential downgrade, or
&lsquo;&lsquo;Evolving&rsquo;&rsquo;,
if ratings may be raised, lowered or maintained. Rating Watch is
typically resolved over a relatively short
period.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Rating Outlook: &nbsp;&nbsp;&nbsp;&nbsp;An
Outlook indicates the direction a rating is likely to move over a one
to two-year period. Outlooks may be positive, stable or negative. A
positive or negative Rating Outlook does not imply a rating change is
inevitable. Similarly, ratings for which outlooks are
&lsquo;&lsquo;stable&rsquo;&rsquo;
could be upgraded or downgraded before an outlook moves to positive or
negative if circumstances warrant such an action. Occasionally, Fitch
Ratings may be unable to identify the fundamental trend. In these
cases, the Rating Outlook may be described as
evolving.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Program ratings (such as the
those assigned to MTN shelf registrations) relate only to standard
issues made under the program concerned; it should not be assumed that
these ratings apply to every issue made under the program. In
particular, in the case of non-standard issues, i.e. those that are
linked to the credit of a third party or linked to the performance of
an index, ratings of these issues may deviate from the applicable
program rating.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Variable rate demand
obligations and other securities which contain a short-term
&lsquo;&lsquo;put&rsquo;&rsquo;
or other similar demand feature will have a dual rating, such as
AAA/F1+. The first rating reflects the ability to meet long-term
principal and interest payments, whereas the second rating reflects the
ability to honor the demand feature in full and on
time.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Interest Only</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Interest Only ratings are assigned to interest
strips. These ratings do not address the possibility that a security
holder might fail to recover some or all of its initial investment due
to voluntary or involuntary principal
repayments.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Principal
Only</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Principal Only ratings address
the likelihood that a security holder will receive their initial
principal investment either before or by the scheduled maturity
date.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-12</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Rate of
Return</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Ratings also may be assigned to
gauge the likelihood of an investor receiving a certain predetermined
internal rate of return without regard to the precise timing of any
cash
flows.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;PIF&rsquo;&rsquo;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Paid-in-Full;
denotes a security that is paid-in-full, matured, called, or
refinanced.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;NR&rsquo;&rsquo;</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">indicates
that Fitch Ratings does not rate the issuer or issue in
question.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;Withdrawn&rsquo;&rsquo;:</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
rating is withdrawn when Fitch Ratings deems the amount of information
available to be inadequate for rating purposes, or when an obligation
matures, is called, or refinanced, or for any other reason Fitch
Ratings deems
sufficient.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">NATIONAL
LONG-TERM CREDIT
RATINGS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">National Ratings are
an assessment of credit quality relative to the rating of the
&lsquo;&lsquo;best&rsquo;&rsquo;
credit risk in a country. This
&lsquo;&lsquo;best&rsquo;&rsquo;
risk will normally, although not always, be assigned to all financial
commitments issued or guaranteed by the sovereign
state.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A special identifier for the
country concerned will be added at the end of all national ratings. For
illustrative purposes, (xxx) has been used, in the table
below.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="66"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="390"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AAA(xxx)"</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;AAA&rsquo;&rsquo;
national ratings denote the highest rating assigned in its national
rating scale for that country. This rating is assigned to the
&lsquo;&lsquo;best&rsquo;&rsquo;
credit risk relative to all other issuers or issues in the same country
and will normally be assigned to all financial commitments issued or
guaranteed by the sovereign
state.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"AA(xxx)"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;AA&rsquo;&rsquo;
national ratings denote a very strong credit risk relative to other
issuers or issues in the same country. The credit risk inherent in
these financial commitments differs only slightly from the
country&rsquo;s highest rated issuers or
issues.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"A(xxx)"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;A&rsquo;&rsquo;
national ratings denote a strong credit risk relative to other issuers
or issues in the same country. However, changes in circumstances or
economic conditions may affect the capacity for timely repayment of
these financial commitments to a greater degree than for financial
commitments denoted by a higher rated
category.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BBB(xxx)"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;BBB&rsquo;&rsquo;
national ratings denote an adequate credit risk relative to other
issuers or issues in the same country. However, changes in
circumstances or economic conditions are more likely to affect the
capacity for timely repayment of these financial commitments than for
financial commitments denoted by a higher rated
category.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"BB(xxx)"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;BB&rsquo;&rsquo;
national ratings denote a fairly weak credit risk relative to other
issuers or issues in the same country. Within the context of the
country, payment of these financial commitments is uncertain to some
degree and capacity for timely repayment remains more vulnerable to
adverse economic change over
time.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B(xxx)"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;B&rsquo;&rsquo;
national ratings denote a significantly weak credit risk relative to
other issuers or issues in the same country. Financial commitments are
currently being met but a limited margin of safety remains and capacity
for continued timely payments is contingent upon a sustained, favorable
business and economic
environment.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"CCC(xxx),"
"CC(xxx),"
"C(xxx)"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">These
categories of national ratings denote an extremely weak credit risk
relative to other issuers or issues in the same country. Capacity for
meeting financial commitments is solely reliant upon sustained,
favorable business or economic
developments.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"DDD(xxx),"
"DD(xxx),"
"D(xxx)"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">These
categories of national ratings are assigned to entities or financial
commitments which are currently in
default.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">INTERNATIONAL
SHORT-TERM CREDIT RATINGS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
following ratings scale applies to foreign currency and local currency
ratings. A Short-term rating has a time horizon of less than 13 months
for most obligations, or up to three years for US </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-13</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
public finance, in line with industry
standards, to reflect unique risk characteristics of bond, tax, and
revenue anticipation notes that are commonly issued with terms up to
three years. Short-term ratings thus place greater emphasis on the
liquidity necessary to meet financial commitments in a timely
manner.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"F1"</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Highest
credit quality</b>.&nbsp;&nbsp;&nbsp;&nbsp; Indicates the strongest capacity for timely
payment of financial commitments; may have an added
&lsquo;&lsquo;+&rsquo;&rsquo;
to denote any exceptionally strong credit
feature.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"F2"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Good
credit quality</b>.&nbsp;&nbsp;&nbsp;&nbsp; A satisfactory capacity for timely payment of
financial commitments, but the margin of safety is not as great as in
the case of the higher
ratings.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"F3"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Fair
credit quality</b>.&nbsp;&nbsp;&nbsp;&nbsp; The capacity for timely payment of financial
commitments is adequate; however, near term adverse changes could
result in a reduction to non investment
grade.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>Speculative</b>.
&nbsp;&nbsp;&nbsp;&nbsp;Minimal capacity for timely payment of financial commitments,
plus vulnerability to near term adverse changes in financial and
economic
conditions.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"C"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><b>High
default risk</b>.&nbsp;&nbsp;&nbsp;&nbsp; Default is a real possibility. Capacity for
meeting financial commitments is solely reliant upon a sustained,
favorable business and economic
environment.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"RD"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Indicates
an entity that has defaulted on one or more of its financial
commitments, although it continues to meet other
obligations.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"D"</font></td>
<td style="padding-top: 11pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 11pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Indicates
an entity or sovereign that has defaulted on all of its financial
obligations.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Notes to
International Long-Term and Short-Term
ratings:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The modifiers
&lsquo;&lsquo;+&rsquo;&rsquo;
or
&lsquo;&lsquo;&ndash;&rsquo;&rsquo;
may be appended to a rating to denote relative status within major
rating categories. Such suffixes are not added to the
&lsquo;&lsquo;AAA&rsquo;&rsquo;
Long-term rating category, to categories below
&lsquo;&lsquo;CCC&rsquo;&rsquo;,
or to Short-term ratings other than
&lsquo;&lsquo;F1&rsquo;&rsquo;.
(The +/&minus; modifiers are only used to denote issues within the CCC
category, whereas issuers are only rated CCC without the use of
modifiers.)</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Rating Watch:&nbsp;&nbsp;&nbsp;&nbsp; Ratings
are placed on Rating Watch to notify investors that there is a
reasonable probability of a rating change and the likely direction of
such change. These are designated as
&lsquo;&lsquo;Positive&rsquo;&rsquo;,
indicating a potential upgrade,
&lsquo;&lsquo;Negative&rsquo;&rsquo;,
for a potential downgrade, or
&lsquo;&lsquo;Evolving&rsquo;&rsquo;,
if ratings may be raised, lowered or maintained. Rating Watch is
typically resolved over a relatively short
period.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Rating Outlook: &nbsp;&nbsp;&nbsp;&nbsp;An
Outlook indicates the direction a rating is likely to move over a one
to two-year period. Outlooks may be positive, stable or negative. A
positive or negative Rating Outlook does not imply a rating change is
inevitable. Similarly, ratings for which outlooks are
&lsquo;&lsquo;stable&rsquo;&rsquo;
could be upgraded or downgraded before an outlook moves to positive or
negative if circumstances warrant such an action. Occasionally, Fitch
Ratings may be unable to identify the fundamental trend. In these
cases, the Rating Outlook may be described as
evolving.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Program ratings (such as the
those assigned to MTN shelf registrations) relate only to standard
issues made under the program concerned; it should not be assumed that
these ratings apply to every issue made under the program. In
particular, in the case of non-standard issues, i.e. those that are
linked to the credit of a third party or linked to the performance of
an index, ratings of these issues may deviate from the applicable
program rating.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Variable rate demand
obligations and other securities which contain a short-term
&lsquo;&lsquo;put&rsquo;&rsquo;
or other similar demand feature will have a dual rating, such as
AAA/F1+. The first rating reflects the ability to meet long-term
principal and interest payments, whereas the second rating reflects the
ability to honor the demand feature in full and on
time.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-14</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Interest Only</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Interest Only ratings are assigned to interest
strips. These ratings do not address the possibility that a security
holder might fail to recover some or all of its initial investment due
to voluntary or involuntary principal
repayments.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Principal
Only</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Principal Only ratings address
the likelihood that a security holder will receive their initial
principal investment either before or by the scheduled maturity
date.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Rate of
Return</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Ratings also may be assigned to
gauge the likelihood of an investor receiving a certain predetermined
internal rate of return without regard to the precise timing of any
cash
flows.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;PIF&rsquo;&rsquo;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Paid-in
- -Full; denotes a security that is paid-in-full, matured, called, or
refinanced.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;NR&rsquo;&rsquo;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">indicates
that Fitch Ratings does not rate the issuer or issue in
question.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&lsquo;&lsquo;Withdrawn&rsquo;&rsquo;:</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">A
rating is withdrawn when Fitch Ratings deems the amount of information
available to be inadequate for rating purposes, or when an obligation
matures, is called, or refinanced, or for any other reason Fitch
Ratings deems
sufficient.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">NATIONAL
SHORT-TERM CREDIT
RATINGS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">National Ratings are
an assessment of credit quality relative to the rating of the
&lsquo;&lsquo;best&rsquo;&rsquo;
credit risk in a country. This
&lsquo;&lsquo;best&rsquo;&rsquo;
risk will normally, although not always, be assigned to all financial
commitments issued or guaranteed by the sovereign
state.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">A special identifier for the
country concerned will be added at the end of all national ratings. For
illustrative purposes, (xxx) has been used, in the table
below.</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="69"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="387"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"F1(xxx)"</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Indicates
the strongest capacity for timely payment of financial commitments
relative to other issuers or issues in the same country. Under their
national rating scale, this rating is assigned to the
&lsquo;&lsquo;best&rsquo;&rsquo;
credit risk relative to all others in the same country and is normally
assigned to all financial commitments issued or guaranteed by the
sovereign state. Where the credit risk is particularly strong, a
&lsquo;&lsquo;+&rsquo;&rsquo;
is added to the assigned
rating.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 10pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"F2(xxx)"</font></td>
<td style="padding-top: 10pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 10pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Indicates
a satisfactory capacity for timely payment of financial commitments
relative to other issuers or issues in the same country. However, the
margin of safety is not as great as in the case of the higher
ratings.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 10pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"F3(xxx)"</font></td>
<td style="padding-top: 10pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 10pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Indicates
an adequate capacity for timely payment of financial commitments
relative to other issuers or issues in the same country. However, such
capacity is more susceptible to near-term adverse changes than for
financial commitments in higher rated
categories.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 10pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"B(xxx)"</font></td>
<td style="padding-top: 10pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 10pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Indicates
an uncertain capacity for timely payment of financial commitments
relative to other issuers or issues in the same country. Such capacity
is highly susceptible to near-term adverse changes in financial and
economic conditions.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 10pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"C(xxx)"</font></td>
<td style="padding-top: 10pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 10pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Indicates
a highly uncertain capacity for timely payment of financial commitments
relative to other issuers or issues in the same country. Capacity or
meeting financial commitments is solely reliant upon a sustained,
favorable business and economic
environment.</font></td>
</tr>
<tr>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 10pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">"D(xxx)"</font></td>
<td style="padding-top: 10pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 9pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 10pt; background-color: #ffffff;" align="left" valign="top" colspan="3"><font style="font-family: serif; font-size: 9pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Indicates
actual or imminent payment
default.</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Note to
National Short-Term ratings:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In
certain countries, regulators have established credit rating scales, to
be used within their domestic markets, using specific nomenclature. In
these countries, our National Short-Term Ratings definitions for
F1+(xxx), F1(xxx), F2(xxx) and F3(xxx) may be substituted by those
regulatory scales, e.g. A1+, A1, A2 and
A3.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">A-15</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">APPENDIX
B</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">GENERAL CHARACTERISTICS AND RISKS OF STRATEGIC
TRANSACTIONS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">In order to manage the risk of its securities
portfolio, or to enhance income or gain as described in the prospectus,
the Trust will engage in Strategic Transactions. The Trust will engage
in such activities in the Advisor&rsquo;s or Sub-Advisor's
discretion, and may not necessarily be engaging in such activities when
movements in interest rates that could affect the value of the assets
of the Trust occur. The Trust&rsquo;s ability to pursue certain of
these strategies may be limited by applicable regulations of the CFTC.
Certain Strategic Transactions may give rise to taxable income.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Put and Call Options on Securities and
Indices</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust may purchase and sell put
and call options on securities and indices. A put option gives the
purchaser of the option the right to sell and the writer the obligation
to buy the underlying security at the exercise price during the option
period. The Trust may also purchase and sell options on securities
indices ("index options"). Index options are
similar to options on securities except that, rather than taking or
making delivery of securities underlying the option at a specified
price upon exercise, an index option gives the holder the right to
receive cash upon exercise of the option if the level of the securities
index upon which the option is based is greater, in the case of a call,
or less, in the case of a put, than the exercise price of the option.
The purchase of a put option on a security could protect the
Trust&rsquo;s holdings in a security or a number of securities against
a substantial decline in the market value. A call option gives the
purchaser of the option the right to buy and the seller the obligation
to sell the underlying security or index at the exercise price during
the option period or for a specified period prior to a fixed date. The
purchase of a call option on a security could protect the Trust against
an increase in the price of a security that it intended to purchase in
the future. In the case of either put or call options that it has
purchased, if the option expires without being sold or exercised, the
Trust will experience a loss in the amount of the option premium plus
any related commissions. When the Trust sells put and call options, it
receives a premium as the seller of the option. The premium that the
Trust receives for selling the option will serve as a partial offset,
in the amount of the option premium, against changes in the value of
the securities in its portfolio. During the term of the option,
however, a covered call seller has, in return for the premium on the
option, given up the opportunity for capital appreciation above the
exercise price of the option if the value of the underlying security
increases, but has retained the risk of loss should the price of the
underlying security decline. Conversely, a secured put seller retains
the risk of loss should the market value of the underlying security
decline below the exercise price of the option, less the premium
received on the sale of the option. The Trust is authorized to purchase
and sell exchange listed options and over-the-counter options
("OTC Options") which are privately
negotiated with the counterparty. Listed options are issued by the
Options Clearing Corporation ("OCC") which
guarantees the performance of the obligations of the parties to such
options.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trust&rsquo;s ability to close
out its position as a purchaser or seller of an exchange listed put or
call option is dependent upon the existence of a liquid secondary
market on option exchanges. Among the possible reasons for the absence
of a liquid secondary market on an exchange are: (i) insufficient
trading interest in certain options; (ii) restrictions on transactions
imposed by an exchange; (iii) trading halts, suspensions or other
restrictions imposed with respect to particular classes or series of
options or underlying securities; (iv) interruption of the normal
operations on an exchange; (v) inadequacy of the facilities of an
exchange or OCC to handle current trading volume; or (vi) a decision by
one or more exchanges to discontinue the trading of options (or a
particular class or series of options), in which event the secondary
market on that exchange (or in that class or series of options) would
cease to exist, although outstanding options on that exchange that had
been listed by the OCC as a result of trades on that exchange would
generally continue to be exercisable in accordance with their terms.
OTC Options are purchased from or sold to dealers, financial
institutions or other counterparties which have entered into direct
agreements with the Trust. With OTC Options, such variables as
expiration date, exercise price and premium will be agreed upon between
the Trust and the counterparty, without the intermediation of a third
party such as the OCC. If the counterparty </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
fails to make or take delivery of the
securities underlying an option it has written, or otherwise settle the
transaction in accordance with the terms of that option as written, the
Trust would lose the premium paid for the option as well as any
anticipated benefit of the transaction.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The
hours of trading for options on securities may not conform to the hours
during which the underlying securities are traded. To the extent that
the option markets close before the markets for the underlying
securities, significant price movements can take place in the
underlying markets that cannot be reflected in the option markets.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Futures Contracts and Related Options</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Characteristics.</font>&emsp;The Trust may sell financial futures
contracts or purchase put and call options on such futures as an offset
against anticipated market movements. The sale of a futures contract
creates an obligation by the Trust, as seller, to deliver the specific
type of financial instrument called for in the contract at a specified
future time for a specified price. Options on futures contracts are
similar to options on securities except that an option on a futures
contract gives the purchaser the right in return for the premium paid
to assume a position in a futures contract (a long position if the
option is a call and a short position if the option is a put).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Margin Requirements.</font>&emsp;At the time a futures contract is
purchased or sold, the Trust must allocate cash or securities as a
deposit payment ("initial margin&rsquo;&rsquo;). It is
expected that the initial margin that the Trust will pay may range from
approximately 1% to approximately 5% of the value of the
securities or commodities underlying the contract. In certain
circumstances, however, such as periods of high volatility, the Trust
may be required by an exchange to increase the level of its initial
margin payment. Additionally, initial margin requirements may be
increased generally in the future by regulatory action. An outstanding
futures contract is valued daily and the payment in case of
"variation margin&rsquo;&rsquo; may be required, a
process known as "marking to the market.&rsquo;&rsquo;
Transactions in listed options and futures are usually settled by
entering into an offsetting transaction, and are subject to the risk
that the position may not be able to be closed if no offsetting
transaction can be arranged.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Limitations on Use of Futures
and Options on Futures.</font>&emsp;The Trust&rsquo;s use of futures
and options on futures will in all cases be consistent with applicable
regulatory requirements and in particular the rules and regulations of
the CFTC. The Trust currently may enter into such transactions without
limit for bona fide strategic purposes, including risk management and
duration management and other portfolio strategies. The Trust may also
engage in transactions in futures contracts or related options for
non-strategic purposes to enhance income or gain provided that the
Trust will not enter into a futures contract or related option (except
for closing transactions) for purposes other than bona fide strategic
purposes, or risk management including duration management if,
immediately thereafter, the sum of the amount of its initial deposits
and premiums on open contracts and options would exceed 5% of
the Trust&rsquo;s liquidation value, <font style="font-weight: normal; font-style: italic">i.e</font>., net assets (taken at
current value); provided, however, that in the case of an option that
is in-the-money at the time of the purchase, the in-the-money amount
may be excluded in calculating the 5% limitation. The above
policies are non-fundamental and may be changed by the Trust&rsquo;s
board of trustees at any time. Also, when required, an account of cash
equivalents designated on the books and records will be maintained and
marked to market on a daily basis in an amount equal to the market
value of the contract.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Segregation and Cover
Requirements.</font>&emsp;Futures contracts, interest rate swaps, caps,
floors and collars, short sales, reverse repurchase agreements and
dollar rolls, and listed or OTC options on securities, indices and
futures contracts sold by the Trust are generally subject to earmarking
and coverage requirements of either the CFTC or the SEC, with the
result that, if the Trust does not hold the security or futures
contract underlying the instrument, the Trust will be required to
designate on its books and records an ongoing basis, cash, U.S.
government securities, or other liquid high grade debt obligations in
an amount at least equal to the Trust&rsquo;s obligations with respect
to such instruments.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Such amounts fluctuate as the
obligations increase or decrease.</font>&emsp;The earmarking requirement
can result in the Trust maintaining securities positions it would
otherwise liquidate, segregating assets at a time when it might be
disadvantageous to do so or otherwise restrict portfolio
management.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Strategic Transactions
Present Certain
Risks</font>.&nbsp;&nbsp;&nbsp;&nbsp;With
respect to Strategic Transactions and risk management, the variable
degree of correlation between price movements of strategic instruments
and </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
price movements in the position being offset
create the possibility that losses using the strategy may be greater
than gains in the value of the Trust&rsquo;s position. The same is
true for such instruments entered into for income or gain. In addition,
certain instruments and markets may not be liquid in all circumstances.
As a result, in volatile markets, the Trust may not be able to close
out a transaction without incurring losses substantially greater than
the initial deposit. Although the contemplated use of these instruments
predominantly for Strategic Transactions should tend to minimize the
risk of loss due to a decline in the value of the position, at the same
time they tend to limit any potential gain which might result from an
increase in the value of such position. The ability of the Trust to
successfully utilize Strategic Transactions will depend on the
Advisor&rsquo;s and the Sub-Advisor's ability to predict
pertinent market movements and sufficient correlations, which cannot be
assured. Finally, the daily deposit requirements in futures contracts
that the Trust has sold create an ongoing greater potential financial
risk than do options transactions, where the exposure is limited to the
cost of the initial premium. Losses due to the use of Strategic
Transactions will reduce net asset value.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="font-weight: normal; font-style: italic">Regulatory
Considerations</font>.&nbsp;&nbsp;&nbsp;&nbsp;The
Trust has claimed an exclusion from the term &lsquo;&lsquo;commodity
pool operator&rsquo;&rsquo; under the Commodity Exchange Act and,
therefore, is not subject to registration or regulation as a commodity
pool operator under the Commodity Exchange
Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">B-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">APPENDIX
C</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">PROXY VOTING POLICY</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">For</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">BlackRock Advisors, Inc.<br> and Its Affiliated Registered
Investment
Advisers</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Introduction</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This Proxy Voting Policy ("Policy") for
BlackRock Advisors, Inc. and its affiliated registered investment
advisers ("BlackRock") reflects our duty as a
fiduciary under the Investment Advisers Act of 1940 (the
"Advisers
Act") to
vote proxies in the best interests of our clients. In addition, the
Department of Labor views the fiduciary act of managing ERISA plan
assets to include the voting of proxies. Proxy voting decisions must be
made solely in the best interests of the pension plan&rsquo;s
participants and beneficiaries. The Department of Labor has interpreted
this requirement as prohibiting a fiduciary from subordinating the
retirement income interests of participants and beneficiaries to
unrelated objectives. The guidelines in this Policy have been
formulated in a manner designed to ensure
decision-making consistent with these fiduciary
responsibilities.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Any general or specific
proxy voting guidelines provided by an advisory client or its
designated agent in writing will supercede the specific guidelines in
this Policy for that client. BlackRock will
disclose to our advisory clients information about this Policy as well
as disclose to our clients how they may obtain information on how we
voted their proxies. Additionally, BlackRock will maintain proxy voting
records for our advisory clients consistent with the Advisers Act. For
those of our clients that are registered investment companies,
BlackRock will disclose this Policy to the shareholders of such funds
and make filings with the Securities and Exchange Commission and make
available to fund shareholders the specific proxy votes that we cast in
shareholder meetings of issuers of portfolio securities in accordance
with the rules and regulations under the Investment Company Act of
1940.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Registered investment companies that
are advised by BlackRock as well as certain of our advisory clients may
participate in securities lending programs, which may reduce or
eliminate the amount of shares eligible for voting by BlackRock in
accordance with this Policy if such shares are out on loan and cannot
be recalled in time for the vote.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Implicit
in the initial decision to retain or invest in the security of a
corporation is acceptance
of its existing corporate ownership structure, its management, and its
operations. Accordingly, proxy proposals that would change the existing
status of a corporation will be supported only when
we conclude that the
proposed changes are likely to benefit the corporation and its
shareholders. Notwithstanding this favorable predisposition,
we will
assess management on an
ongoing basis both in terms of its business capability and its
dedication to shareholders to seek
to ensure that our continued confidence remains warranted.
If we determine that
management is acting on its own behalf instead of for the well being of
the corporation, we will vote to support shareholder proposals, unless
we determine other mitigating circumstances
are present.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Additionally, situations may
arise that involve an actual or perceived conflict of interest. For
example, we may manage assets of a pension plan of a company whose
management is soliciting proxies, or a BlackRock employee involved with
managing an account may have a close relative who serves as a director
or executive of a company that is soliciting proxies regarding
securities held in such account. In all cases,
we seek to vote proxies
based on our clients&rsquo; best
interests.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">This Policy
and its attendant recommendations attempt to generalize a complex
subject. It should be clearly understood that specific fact situations,
including differing voting practices in jurisdictions outside the
United States, might warrant departure from these guidelines. In such
instances, we will
consider the facts we believe are
relevant, and if we vote contrary to these guidelines
we will
record the reasons
for this contrary
vote.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Section I of the Policy describes proxy
proposals that may be characterized as routine and lists examples of
the types of proposals we would typically support. Section II of the
Policy describes various types of non-routine proposals and provides
general voting guidelines. These non-routine proposals are categorized
as those involving:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">A.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">Social
Issues,</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">B.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">Financial/Corporate
Issues, and</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">C.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">Shareholder Rights.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Finally, Section III of the Policy
describes the procedures we
follow in casting
votes pursuant to these
guidelines.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff"></p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">SECTION I</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ROUTINE MATTERS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Routine proxy
proposals, amendments, or resolutions are typically proposed by
management and meet the following criteria:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">1.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">They do not measurably change the structure,
management control, or operation of the
corporation.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">2.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">They are
consistent with industry standards as well as the corporate laws of the
state of incorporation.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Voting
Recommendation</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">BlackRock will normally
<u>support</u> the following <u>routine
proposals</u>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">1.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
increase authorized common shares.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">2.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To increase authorized preferred shares as
long as there are not disproportionate voting rights per preferred
share.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">3.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To elect or
re-elect directors, except as noted below.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">4.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To appoint or elect
auditors.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">5.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To approve
indemnification of directors and limitation of directors&rsquo;
liability.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">6.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
establish compensation levels.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">7.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To establish employee stock purchase or
ownership plans.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">8.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
set time and location of annual meeting.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">BlackRock will withhold its vote for a nominee to the
board if he or she failed to attend at least 75% of the board
meetings in the previous year without a valid reason. In addition,
BlackRock will withhold its vote for all nominees standing for election
to a board if (1) since the last annual meeting of shareholders and
without shareholder approval, the board or its compensation committee
has repriced underwater options; or (2) within the last year,
shareholders approved by majority vote a resolution recommending that
the board rescind a &lsquo;&lsquo;poison
pill&rsquo;&rsquo; and the board has failed
to take responsive action to that resolution. Responsive action would
include the rescission of the
&lsquo;&lsquo;poison
pill&rsquo;&rsquo; (without a broad
reservation to reinstate the
&lsquo;&lsquo;poison
pill&rsquo;&rsquo; in the event of a
hostile tender offer), or public assurances that the terms of the
&lsquo;&lsquo;poison
pill&rsquo;&rsquo; would be put to a
binding shareholder vote within the next five to seven
years.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">BlackRock evaluates a contested
election of directors on a case-by-case basis considering the long-term
financial performance of the company relative to its industry,
management&rsquo;s track record, the qualifications of the nominees
for both slates and an evaluation of what each side is offering
shareholders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">SECTION II<br> NON-ROUTINE
PROPOSALS</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">A.&nbsp;&nbsp;&nbsp;&nbsp;Social Issues</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Proposals in this category involve issues of social conscience. They
are typically proposed by shareholders who believe that the
corporation&rsquo;s internally adopted policies are ill-advised or
misguided.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Voting
Recommendation</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">If we have determined that
management is generally socially responsible, we will generally vote
<u>against</u> the following <u>shareholder
proposals</u>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">1.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
enforce restrictive energy policies.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">2.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To place arbitrary restrictions on military
contracting.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">3.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To bar or
place arbitrary restrictions on trade with other
countries.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">4.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To restrict
the marketing of controversial products.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">5.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To limit corporate political
activities.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">6.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To bar or
restrict charitable contributions.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">7.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To enforce a general policy regarding human
rights based on arbitrary parameters.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">8.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To enforce a general policy regarding
employment practices based on arbitrary
parameters.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">9.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To enforce
a general policy regarding animal rights based on arbitrary
parameters.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">10.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To place
arbitrary restrictions on environmental
practices.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">B.&nbsp;&nbsp;&nbsp;&nbsp;Financial/Corporate
Issues</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Proposals in this category are
usually offered by management and seek to change a corporation&rsquo;s
legal, business or financial structure.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Voting Recommendation</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We will generally
vote in favor of the following management proposals provided the
position of current shareholders is preserved or
enhanced:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">1.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To change
the state of incorporation.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">2.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To approve mergers, acquisitions or
dissolution.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">3.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
institute indenture changes.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">4.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To change
capitalization.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">C.&nbsp;&nbsp;&nbsp;&nbsp;Shareholder
Rights</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Proposals in this category are made
regularly both by management and shareholders. They can be generalized
as involving issues that transfer or realign board or shareholder
voting power.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We typically would oppose any
proposal aimed solely at thwarting potential takeover offers by
requiring, for example, super-majority approval. At the same time, we
believe stability and continuity promote profitability. The guidelines
in this area seek to find a middle road, and they are no more than
guidelines. Individual proposals may have to be carefully assessed in
the context of their particular
circumstances.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Voting Recommendation</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We will
generally vote <u>for</u> the following <u>management
proposals</u>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">1.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
require majority approval of shareholders in acquisitions of a
controlling share in the corporation.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">2.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To institute staggered board of
directors.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">3.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To require
shareholder approval of not more than 66 2/3% for a proposed
amendment to the corporation&rsquo;s by-laws.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">4.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To eliminate cumulative
voting.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">5.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To adopt
anti-greenmail charter or by-law amendments or to otherwise restrict a
company&rsquo;s ability to make greenmail
payments.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">6.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To create a
dividend reinvestment program.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">7.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To eliminate preemptive
rights.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">8.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To eliminate
any other plan or procedure designed primarily to discourage a takeover
or other similar action (commonly known as a &lsquo;&lsquo;poison
pill&rsquo;&rsquo;).</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">9.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To adopt or continue a stock option or
restricted stock plan if all such plans for a particular company do not
involve excessive dilution.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We will generally vote
<u>against</u> the following <u>management
proposals</u>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">1.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
require greater than 66 2/3% shareholder
approval for a proposed amendment to the corporation&rsquo;s by-laws
(&lsquo;&lsquo;super-majority
provisions&rsquo;&rsquo;).</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">2.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To require that an arbitrary fair price be
offered to all shareholders that is derived from a fixed formula
(&lsquo;&lsquo;fair price
amendments&rsquo;&rsquo;).</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">3.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To authorize a new class of common stock or
preferred stock which may have more votes per share than the existing
common stock.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">4.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
prohibit replacement of existing members of the board of
directors.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">5.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
eliminate shareholder action by written consent without a shareholder
meeting.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">6.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To allow only
the board of directors to call a shareholder meeting or to propose
amendments to the articles of incorporation.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">7.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To implement any other action or procedure
designed primarily to discourage a takeover or other similar action
(commonly known as a &lsquo;&lsquo;poison
pill&rsquo;&rsquo;).</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">8.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To limit the ability of shareholders to
nominate directors.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">9.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To adopt or continue a
stock option or restricted stock plan if plan contributes to excessive
dilution.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We will generally <u>vote</u> for the following
<u>shareholder proposals</u>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">1.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To rescind share purchases rights or require
that they be submitted for shareholder approval, but only if the vote
required for approval is not more than 66
2/3%.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">2.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To opt
out of state anti-takeover laws deemed to be detrimental to the
shareholder.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">3.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To change
the state of incorporation for companies operating under the umbrella
of anti-shareholder state corporation laws if another state is chosen
with favorable laws in this and other areas.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">4.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To eliminate any other plan or procedure
designed primarily to discourage a takeover or other similar
action.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">5.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To permit
shareholders to participate in formulating management&rsquo;s proxy
and the opportunity to discuss and evaluate management&rsquo;s
director nominees, and/or to nominate shareholder nominees to the
board.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">6.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To require that the
board&rsquo;s audit, compensation, and/or nominating committees be
comprised exclusively of independent directors.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">7.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To adopt anti-greenmail charter or by-law
amendments or otherwise restrict a company&rsquo;s ability to make
greenmail payments.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">8.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
create a dividend reinvestment program.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">9.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To recommend that votes to
&lsquo;&lsquo;abstain&rsquo;&rsquo; not be considered votes
"cast&rsquo;&rsquo; at an annual meeting or special
meeting, unless required by state law.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">10.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To require that &lsquo;&lsquo;golden
parachutes&rsquo;&rsquo; be submitted for shareholder
ratification.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">11.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
rescind a stock option or restricted stock plan if the plan contributes
to excessive dilution.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">We will generally vote <u>against</u>
the following <u>shareholder proposals</u>:</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">1.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To restore preemptive
rights.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">2.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To restore
cumulative voting.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">3.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To
require annual election of directors or to specify
tenure.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">4.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To eliminate a
staggered board of directors.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">5.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To require confidential
voting.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">6.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To require
directors to own a minimum amount of company stock in order to qualify
as a director or to remain on the board.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">7.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To dock director pay for failing to attend
board meetings.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">8.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To rescind a stock option
or restricted stock plan if the plan does not contribute to excessive
dilution.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 20pt; text-align: left;  font-style: normal; width: 36pt">9.&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">To prohibit the provision of any
non-audit services by a company&rsquo;s auditors to the
company.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">SECTION III<br> VOTING
PROCESS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">BlackRock has engaged
an independent
third-party service provider to assist us in the voting of proxies.
These guidelines have been provided to this service provider, who then
analyzes all proxy solicitations we receive for our clients and makes
recommendations to us as to how, based upon our guidelines, the
relevant votes should be cast. These recommendations are set out in a
report that is provided to the relevant BlackRock
Portfolio Management Group team, who must approve the proxy
vote in writing and return such written approval to the
BlackRock Operations Group
(e-mail is deemed to be a writing). If any authorized member
of a Portfolio Management Group team desires to vote in a manner that
differs from the third-party service
provider recommendation, the reason for such differing vote
shall be noted in the written approval
form sent to the
BlackRock Operations Group.
The head of each relevant BlackRock
Portfolio Management Group team is responsible for making
sure that proxies are voted in a timely manner. The
BlackRock Equity Investment Policy
Oversight Committee (or
similar or successor committee, the "EIPOC")
receives regular reports of votes cast that differ from recommendations
made by the third-party service provider and votes
cast that may have involved a
material conflict of interest. The
EIPOC also review these guidelines from time to time to
determine their continued appropriateness and whether any changes to
the guidelines or the proxy voting process should be
made.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Votes may involve a conflict of
interest if (i) the vote is proposed to be cast in
a manner that differs from the
third-party service provider recommendation and (ii) the subject matter
of the proxy involves a party that has a material relationship with
BlackRock, or the issuer of the proxy has such a relationship, such as
where the issuer soliciting the vote is
a BlackRock client. The BlackRock
Operations Group identifies potential conflicts of interest and then
refers any potential conflict to BlackRock&rsquo;s Legal and
Compliance Department for review prior to
a vote being
cast.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">With respect to votes in connection with
securities held on a particular record date but sold from a client
account prior to the holding of the related meeting, BlackRock may take
no action on proposals to be voted on in such
meeting.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">With respect to voting proxies of
non-U.S. companies, a number of logistical problems may arise that may
have a detrimental effect on BlackRock&rsquo;s ability to vote such
proxies in the best interests of our clients. These problems include,
but are not limited to, (i) untimely and/or inadequate notice of
shareholder meetings, (ii) restrictions on the ability of holders
outside the
issuer's
jurisdiction of organization to exercise votes, (iii) requirements to
vote proxies in person, if not practicable, (iv) the imposition of
restrictions on the sale of the securities for a period of time in
proximity to the shareholder meeting, and (v) impracticable or
inappropriate requirements to provide local agents with power of
attorney to facilitate the voting instructions. Accordingly, BlackRock
may determine not to vote proxies if it believes that the restrictions
or other detriments associated with such vote outweigh the benefits
that will be derived by voting on the
company's
proposal.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">*****</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Any
questions regarding this Policy may be directed to the General Counsel
of BlackRock.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">PART
C</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">OTHER INFORMATION</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 25.&nbsp;&nbsp;&nbsp;Financial Statements
and Exhibits</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">Financial
Statements</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:36pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Part A&mdash;None.</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:36pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Part
B&mdash;Statement of Assets and
Liabilities; Statement of Operations;
Statement of
Changes
in</p>


<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="491"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 48pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 372pt">Net
Assets.</td>
</tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="554"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 420pt">Exhibits</td>
</tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(a)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Amended and Restated
Agreement and Declaration of
Trust.<sup>(3)</sup></td>
</tr>
</table>


<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(b)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Amended and
Restated
By-Laws.<sup>(3)</sup></td>
</tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(c)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Inapplicable.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(d)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form of Specimen
Certificate.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(e)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form
of Dividend Reinvestment Plan.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(f)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Inapplicable.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(g)(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Investment Management
Agreement.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(g)(2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Sub-Investment Advisory
Agreement.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(h)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form of
Purchase
Agreement.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(i)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form of
the BlackRock Closed-End Trusts Amended and Restated</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="63"></td>
<td><img src="spacer.gif" height="1" width="491"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 48pt">&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 372pt">Deferred Compensation
Plan.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(j)(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form of
Custody
Agreement.<sup>(2)</sup></td>
</tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(j)(2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Inapplicable.</td>
</tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(k)(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form
of Stock Transfer Agency
Agreement.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(k)(2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Form
of NYSE Listing
Agreement.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(l)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Opinion
and Consent of Counsel to the
Trust.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(m)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Inapplicable.</td>
</tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(n)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Independent
Registered Public Accounting Firm
Consent.<sup>(3)</sup></td>
</tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(o)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Inapplicable.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(p)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Subscription
Agreement.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(q)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Inapplicable.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(r)(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Code
of Ethics of
Trust.<sup>(2)</sup></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(r)(2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Code of
Ethics of the
Advisor.<sup>(2)</sup></td>
</tr>
</table>

<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="507"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 36pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 36pt">(s)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 384pt">Power of
Attorney.<sup>(1)</sup></td>
</tr>
</table>

<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="602">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="78"></td>
<td><img src="spacer.gif" height="1" width="524"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">(1)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 438pt">Previously
filed.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">(2)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 438pt">To be
filed by
amendment.</td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="578"></td>
</tr>
<tr>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 18pt">(3)&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 8pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 438pt">Filed
herewith.</td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 26.&nbsp;&nbsp;&nbsp;Marketing
Arrangements</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Reference
is made to the Form of
Purchase Agreement for
the Registrant's shares of beneficial interest to be filed by
amendment to this registration statement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 27.&nbsp;&nbsp;&nbsp;Other Expenses of Issuance
and Distribution</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The following table sets forth the estimated
expenses to be incurred in connection with the offering described in
this registration statement:</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 9px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="507" bgcolor="#ffffff">
<tr style="background-color:#cceeff">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="324"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Registration
fees</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">29,425</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">NYSE listing
fee</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">30,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Printing (other than
certificates)</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">465,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Engraving and
printing certificates</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">14,407</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Accounting
fees and expenses related to the
offering</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">15,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Legal fees and expenses
related to the offering</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">262,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">NASD
fee</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">75,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Miscellaneous (i.e. travel)
related to the
offering</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">250,000</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Total</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">$</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">1,140,832</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item
28.&nbsp;&nbsp;&nbsp;Persons Controlled by or
Under Common Control with
the Registrant</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">None.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 29.&nbsp;&nbsp;&nbsp;Number of Holders of
Shares</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">As of
January
18,
2006.</p>

<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="475" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="285"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="75"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Title of class</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Number
of<br> Record holders</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Shares of
Beneficial Interest ($.001 par value per
share)</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">1</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item
30.&nbsp;&nbsp;&nbsp;Indemnification</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Article V of the Registrant's
Amended and Restated Agreement and
Declaration of Trust provides as follows:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.1 <font style="font-weight: normal; font-style: italic">No Personal
Liability of Shareholders, Trustees, etc</font>.&nbsp;&nbsp;&nbsp;&nbsp;No Shareholder of
the Trust shall be subject in such capacity to any personal liability
whatsoever to any Person in connection with Trust Property or the acts,
obligations or affairs of the Trust. Shareholders shall have the same
limitation of personal liability as is extended to stockholders of a
private corporation for profit incorporated under the Delaware General
Corporation Law. No Trustee or officer of the Trust shall be subject in
such capacity to any personal liability whatsoever to any Person, save
only liability to the Trust or its Shareholders arising from bad faith,
willful misfeasance, gross negligence or reckless disregard for his
duty to such Person; and, subject to the foregoing exception, all such
Persons shall look solely to the Trust Property for satisfaction of
claims of any nature arising in connection with the affairs of the
Trust. If any Shareholder, Trustee or officer, as such, of the Trust,
is made a party to any suit or proceeding to enforce any such
liability, subject to the foregoing exception, he shall not, on account
thereof, be held to any personal liability. Any repeal or modification
of this Section 5.1 shall not adversely affect any right or protection
of a Trustee or officer of the Trust existing at the time of such
repeal or modification with respect to acts or omissions occurring
prior to such repeal or modification.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.2 <font style="font-weight: normal; font-style: italic">Mandatory
Indemnification&emsp;</font>(a) The Trust hereby agrees to indemnify
each person who at any time serves as a Trustee or officer of the Trust
(each such person being an &lsquo;&lsquo;indemnitee&rsquo;&rsquo;)
against any liabilities and expenses, including amounts paid in
satisfaction of judgments, in compromise or as fines and penalties, and
reasonable counsel fees reasonably incurred by such indemnitee in
connection with the defense or disposition of any action, suit or other
proceeding, whether civil or criminal, before any court or
administrative or investigative body in which he may be or may have
been involved as a party or otherwise or with which he may be or may
have been threatened, while acting in any capacity set forth in this
Article V by reason of his having acted in any such capacity, except
with respect to any matter as to which he shall not have acted in good
faith in the reasonable belief that his action was in the best interest
of the Trust or, in the case of any criminal proceeding, as to which he
shall have had reasonable </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
cause to believe that the conduct was
unlawful, provided, however, that no indemnitee shall be indemnified
hereunder against any liability to any person or any expense of such
indemnitee arising by reason of (i) willful misfeasance, (ii) bad
faith, (iii) gross negligence, or (iv) reckless disregard of the duties
involved in the conduct of his position (the conduct referred to in
such clauses (i) through (iv) being sometimes referred to herein as
&lsquo;&lsquo;disabling conduct&rsquo;&rsquo;). Notwithstanding the
foregoing, with respect to any action, suit or other proceeding
voluntarily prosecuted by any indemnitee as plaintiff, indemnification
shall be mandatory only if the prosecution of such action, suit or
other proceeding by such indemnitee (1)  was authorized by a
majority of the Trustees or (2) was instituted by the indemnitee to
enforce his or her rights to indemnification hereunder in a case in
which the indemnitee is found to be entitled to such indemnification.
The rights to indemnification set forth in this Declaration shall
continue as to a person who has ceased to be a Trustee or officer of
the Trust and shall inure to the benefit of his or her heirs, executors
and personal and legal representatives. No amendment or restatement of
this Declaration or repeal of any of its provisions shall limit or
eliminate any of the benefits provided to any person who at any time is
or was a Trustee or officer of the Trust or otherwise entitled to
indemnification hereunder in respect of any act or omission that
occurred prior to such amendment, restatement or repeal.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b)
Notwithstanding the foregoing, no indemnification shall be made
hereunder unless there has been a determination (i) by a final decision
on the merits by a court or other body of competent jurisdiction before
whom the issue of entitlement to indemnification hereunder was brought
that such indemnitee is entitled to indemnification hereunder or, (ii)
in the absence of such a decision, by (1) a majority vote of a quorum
of those Trustees who are neither &lsquo;&lsquo;interested
persons&rsquo;&rsquo; of the Trust (as defined in Section 2(a)(19) of
the Investment Company Act) nor parties to the proceeding
(&lsquo;&lsquo;Disinterested Non-Party Trustees&rsquo;&rsquo;),
that the indemnitee is entitled to indemnification hereunder, or (2) if
such quorum is not obtainable or even if obtainable, if such majority
so directs, independent legal counsel in a written opinion concludes
that the indemnitee should be entitled to indemnification hereunder.
All determinations to make advance payments in connection with the
expense of defending any proceeding shall be authorized and made in
accordance with the immediately succeeding paragraph (c) below.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(c) The Trust shall make advance payments in connection with the
expenses of defending any action with respect to which indemnification
might be sought hereunder if the Trust receives a written affirmation
by the indemnitee of the indemnitee's good faith belief that the
standards of conduct necessary for indemnification have been met and a
written undertaking to reimburse the Trust unless it is subsequently
determined that the indemnitee is entitled to such indemnification and
if a majority of the Trustees determine that the applicable standards
of conduct necessary for indemnification appear to have been met. In
addition, at least one of the following conditions must be met: (i) the
indemnitee shall provide adequate security for his undertaking, (ii)
the Trust shall be insured against losses arising by reason of any
lawful advances, or (iii) a majority of a quorum of the Disinterested
Non-Party Trustees, or if a majority vote of such quorum so direct,
independent legal counsel in a written opinion, shall conclude, based
on a review of readily available facts (as opposed to a full trial-type
inquiry), that there is substantial reason to believe that the
indemnitee ultimately will be found entitled to indemnification.
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(d) The rights accruing to any indemnitee under these provisions
shall not exclude any other right which any person may have or
hereafter acquire under this Declaration, the By-Laws of the Trust, any
statute, agreement, vote of stockholders or Trustees who are
&lsquo;&lsquo;disinterested persons&rsquo;&rsquo; (as defined in
Section 2(a)(19) of the Investment Company Act) or any other right to
which he or she may be lawfully entitled.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(e) Subject to any
limitations provided by the 1940 Act and this Declaration, the Trust
shall have the power and authority to indemnify and provide for the
advance payment of expenses to employees, agents and other Persons
providing services to the Trust or serving in any capacity at the
request of the Trust to the full extent corporations organized under
the Delaware General Corporation Law may indemnify or provide for the
advance payment of expenses for such Persons, provided that such
indemnification has been approved by a majority of the Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.3 <font style="font-weight: normal; font-style: italic">No Bond Required of Trustees</font>.&nbsp;&nbsp;&nbsp;&nbsp;No Trustee shall, as
such, be obligated to give any bond or other security for the
performance of any of his duties hereunder.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.4 <font style="font-weight: normal; font-style: italic">No Duty of Investigation; Notice in
Trust Instruments, etc</font>.&nbsp;&nbsp;&nbsp;&nbsp;No purchaser, lender, transfer agent
or other person dealing with the Trustees or with any officer, employee
or agent of the Trust shall be bound to make any inquiry concerning the
validity of any transaction purporting to be made by the Trustees or by
said officer, employee or agent or be liable for the application of
money or property paid, loaned, or delivered to or on the order of the
Trustees or of said officer, employee or agent. Every obligation,
contract, undertaking, instrument, certificate, Share, other security
of the Trust, and every other act or thing whatsoever executed in
connection with the Trust shall be conclusively taken to have been
executed or done by the executors thereof only in their capacity as
Trustees under this Declaration or in their capacity as officers,
employees or agents of the Trust. The Trustees may maintain insurance
for the protection of the Trust Property, its Shareholders, Trustees,
officers, employees and agents in such amount as the Trustees shall
deem adequate to cover possible tort liability, and such other
insurance as the Trustees in their sole judgment shall deem advisable
or is required by the Investment Company Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.5 <font style="font-weight: normal; font-style: italic">Reliance on
Experts, etc</font>.&nbsp;&nbsp;&nbsp;&nbsp;Each Trustee and officer or employee of the
Trust shall, in the performance of its duties, be fully and completely
justified and protected with regard to any act or any failure to act
resulting from reliance in good faith upon the books of account or
other records of the Trust, upon an opinion of counsel, or upon reports
made to the Trust by any of the Trust's officers or employees or
by any advisor, administrator, manager, distributor, selected dealer,
accountant, appraiser or other expert or consultant selected with
reasonable care by the Trustees, officers or employees of the Trust,
regardless of whether such counsel or expert may also be a Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Insofar as indemnification for liabilities arising under the Act,
may be terminated to Trustees, officers and controlling persons of the
Trust, pursuant to the foregoing provisions or otherwise, the Trust has
been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a
Trustee, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by
such Trustee, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such
issue. Reference is made to Article 6 of the purchase agreement
attached as Exhibit (h), which is incorporated herein by reference.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 31.&nbsp;&nbsp;&nbsp;Business and Other Connections of Investment
Advisor</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Not Applicable</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 32.&nbsp;&nbsp;&nbsp;Location of
Accounts and Records</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Registrant&rsquo;s accounts, books
and other documents are currently located at the offices of the
Registrant, c/o BlackRock Advisors, Inc., 100 Bellevue Parkway,
Wilmington, Delaware 19809 and at the offices of the
Registrant&rsquo;s Sub-Advisor, Custodian and Transfer
Agent.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 33.&nbsp;&nbsp;&nbsp;Management Services</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Not
Applicable</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">Item 34.&nbsp;&nbsp;&nbsp;Undertakings</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(1) The
Registrant hereby undertakes to suspend the offering of its units until
it amends its prospectus if (a) subsequent to the effective date of its
registration statement, the net asset value declines more than 10
percent from its net asset value as of the effective date of the
Registration Statement or (b)  the net asset value increases to an
amount greater than its net proceeds as stated in the prospectus.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(2) Not applicable</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(3) Not applicable</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(4) Not applicable</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(5) (a) For the
purposes of determining any liability under the Securities Act of 1933,
the information omitted from the form of prospectus filed as part of a
registration statement in reliance upon Rule 430A and contained in the
form of prospectus filed by the Registrant under Rule 497 (h) under the
Securities Act of 1933 shall be deemed to be part of the Registration
Statement as of the time it was declared effective.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b) For the
purpose of determining any liability under the Securities Act of 1933,
each post-effective amendment that contains a form of prospectus shall
be deemed to be a new registration statement relating to the securities
offered therein, and the offering of the securities at that time shall
be deemed to be the initial bona fide offering thereof.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(6) The
Registrant undertakes to send by first class mail or other means
designed to ensure equally prompt delivery within two business days of
receipt of a written or oral request, any Statement of Additional
Information.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">SIGNATURES</p>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Pursuant
to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of New York, and State of New York, on the
18th
day of
January
2006.</p>

<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left" width="348"><img src="spacer.gif" height="1" width="348"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; padding-top: 6pt;" valign="top" align="left"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
<br>Robert
S. Kapito<br> President and Chief
Executive
Officer</td>
</tr>
</table>
</div>

<table cellpadding="0" cellspacing="0" border="0" width="593">
<tr>
<td><img src="spacer.gif" height="1" width="218"></td>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="359"></td>
</tr>
<tr>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">Name</td>
<td></td>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center">Title</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee,
President and
Chief<br> Executive
Officer</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Robert
S. Kapito</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Treasurer and
Principal Financial<br>
Officer</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Henry
Gabbay</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Andrew F.
Brimmer</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Richard
E.
Cavanagh</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Kent
Dixon</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Frank
J.
Fabozzi</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Kathleen
F.
Feldstein</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">R.
Glenn
Hubbard</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">James
Clayburn L Force,
Jr.</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Walter
F.
Mondale</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Trustee</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Ralph
L.
Schlosstein</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="top" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; ">*By:
/s/ Anne F.
Ackerley</td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left">Attorney-in-fact</td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; ">Anne F.
Ackerley</td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
</table>

<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">C-6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">INDEX TO
EXHIBITS</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; " cellpadding="0" cellspacing="0" border="0" width="507" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="324"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Ex.
99(a)</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Amended and Restated Declaration of
Trust</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Ex. 99(b)</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Amended and Restated
By-Laws</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Ex.
99(n)</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Independent
Registered Public Accounting Firm
Consent</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 9pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 9pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

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<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>6
<FILENAME>file002.htm
<DESCRIPTION>AMENDED & RESTATED AGMT & DECLARATION OF TRUST
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 120pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">BLACKROCK
LONG-TERM MUNICIPAL ADVANTAGE TRUST</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 120pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">AMENDED
AND RESTATED<br>AGREEMENT AND DECLARATION OF
TRUST</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 240pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Dated as of November  22,
2005</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>TABLE OF
CONTENTS</u></font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 6px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; border-left:none; border-right:none;" cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="45"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="378"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="33"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Page</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">ARTICLE
I</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="center" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">The
Trust</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">1.1</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Name</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">1</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">1.2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Definitions</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">1</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ARTICLE
II</font></td>
<td style="padding-top: 8pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Trustees</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">2.1</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Number
and Qualification</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">2</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">2.2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Term and
Election</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">2</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">2.3</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Resignation and
Removal</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">3</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">2.4</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Vacancies</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">3</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">2.5</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Meetings</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">3</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">2.6</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Trustee
Action by Written
Consent</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">4</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">2.7</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Officers</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">4</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">ARTICLE
III</font></td>
<td style="padding-top: 8pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Powers and Duties
of
Trustees</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">General</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">4</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3.2</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Investments</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">4</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3.3</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Legal
Title</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">4</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3.4</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Issuance and Repurchase
of Shares</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">5</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3.5</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Borrow Money or
Utilize Leverage</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">5</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3.6</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Delegation;
Committees</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">5</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3.7</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Collection and
Payment</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">5</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3.8</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Expenses</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">5</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3.9</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">By-Laws</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">6</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3.10</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Miscellaneous
Powers</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">6</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3.11</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Further
Powers</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">6</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ARTICLE
IV</font></td>
<td style="padding-top: 8pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Advisory, Management
and Distribution Arrangements</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">4.1</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Advisory
and Management
Arrangements</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">6</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4.2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Distribution
Arrangements</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">7</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">4.3</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Parties to
Contract</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">7</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">ARTICLE
V</font></td>
<td style="padding-top: 8pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Limitations of
Liability and
Indemnification</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">5.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">No Personal
Liability of Shareholders, Trustees,
etc.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">7</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">5.2</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Mandatory
Indemnification</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">7</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">5.3</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">No Bond
Required of Trustees</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">8</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">5.4</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">No Duty
of Investigation; Notice in Trust Instruments,
etc.</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">9</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">5.5</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Reliance on Experts,
etc.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">9</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ARTICLE
VI</font></td>
<td style="padding-top: 8pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Shares of Beneficial
Interest</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">6.1</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Beneficial
Interest</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">9</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">6.2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Other
Securities</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">9</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">6.3</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Rights of
Shareholders</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">9</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">6.4</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Trust
Only</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">9</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">6.5</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Issuance of
Shares</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">10</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">6.6</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Register of
Shares</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">10</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">i</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px" align="left">
<div style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none; border-left:none; border-right:none;" cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="45"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="378"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="33"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Page</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">6.7</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Transfer
Agent and Registrar</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">10</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">6.8</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Transfer
of
Shares</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">10</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">6.9</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Notices</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">10</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">ARTICLE
VII</font></td>
<td style="padding-top: 8pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Custodians</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">7.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Appointment
and Duties</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">11</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">7.2</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Central
Certificate
System</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">11</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">ARTICLE
VIII</font></td>
<td style="padding-top: 8pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Redemption</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">8.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Redemptions</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">11</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">8.2</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Disclosure
of
Holding</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">11</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">ARTICLE
IX</font></td>
<td style="padding-top: 8pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Determination of Net
Asset Value Net Income and
Distributions</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">9.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Net Asset
Value</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">11</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">9.2</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Distributions to
Shareholders</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">12</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">9.3</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Power to Modify
Foregoing
Procedures</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">12</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ARTICLE
X</font></td>
<td style="padding-top: 8pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Shareholders</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">10.1</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Meetings
of
Shareholders</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">12</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">10.2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Voting</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">12</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">10.3</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Notice
of Meeting and Record
Date</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">13</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">10.4</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Quorum and Required
Vote</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">13</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">10.5</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Proxies,
etc.</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">13</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">10.6</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Reports</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">14</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">10.7</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Inspection
of Records</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">14</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">10.8</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Shareholder
Action by Written
Consent</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">14</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ARTICLE
XI</font></td>
<td style="padding-top: 8pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Duration;
Termination of Trust; Amendment; Mergers,
Etc.</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">11.1</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Duration</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">14</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">11.2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Termination</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">14</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">11.3</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Amendment
Procedure</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">15</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">11.4</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Merger,
Consolidation and Sale of
Assets</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">15</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">11.5</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Subsidiaries</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">15</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">11.6</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Conversion</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">16</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">11.7</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Certain
Transactions</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">16</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 8pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">ARTICLE
XII</font></td>
<td style="padding-top: 8pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 8pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 8pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 8pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Miscellaneous</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">12.1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Filing</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">17</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">12.2</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Resident
Agent</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">17</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">12.3</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Governing
Law</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">17</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">12.4</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Counterparts</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">18</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">12.5</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">Reliance
by Third Parties</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">18</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">12.6</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">Provisions
in Conflict with Law or
Regulation</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">18</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">ii</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>BLACKROCK
LONG-TERM MUNICIPAL ADVANTAGE
TRUST</u>
<br>
<u>AMENDED
AND RESTATED</u>
<br>
<u>AGREEMENT AND DECLARATION OF
TRUST</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">AMENDED AND RESTATED AGREEMENT AND DECLARATION OF
TRUST made as of the 22<sup>ND</sup> day of November, 2005, by the
Trustees hereunder, and by the holders of shares of beneficial interest
issued hereunder as hereinafter provided.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">WHEREAS, this Trust has
been formed to carry on business as set forth more particularly
hereinafter;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">WHEREAS, this Trust is authorized to issue an
unlimited number of its shares of beneficial interest all in accordance
with the provisions hereinafter set forth;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">WHEREAS, the Trustees
have agreed to manage all property coming into their hands as Trustees
of a Delaware statutory trust in accordance with the provisions
hereinafter set forth; and</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">WHEREAS, the parties hereto intend
that the Trust created by this Declaration and the Certificate of Trust
filed with the Secretary of State of the State of Delaware on
November  7,  2005 shall constitute a statutory trust under
the Delaware Statutory Trust Act and that this Amended Declaration
shall constitute the governing instrument of such statutory
trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">NOW, THEREFORE, the Trustees hereby declare that they will
hold all cash, securities, and other assets which they may from time to
time acquire in any manner as Trustees hereunder IN TRUST to manage and
dispose of the same upon the following terms and conditions for the
benefit of the holders from time to time of shares of beneficial
interest in this Trust as hereinafter set
forth.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE
I</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>The
Trust</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">1.1
<u>Name</u>.&nbsp;&nbsp;&nbsp;&nbsp;This Trust shall be known as the
"BlackRock Long-Term Municipal Advantage
Trust" and the Trustees shall conduct the business of the
Trust under that name or any other name or names as they may from time
to time determine.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">1.2 <u>Definitions</u>.&nbsp;&nbsp;&nbsp;&nbsp;As used in this Amended and Restated
Declaration, the following terms shall have the following
meanings:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The "<u>1940 Act</u>"
refers to the Investment Company Act of 1940 and the rules and
regulations promulgated thereunder and exemptions granted therefrom, as
amended from time to time.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The terms "<u>Affiliated
Person</u>",
"<u>Assignment</u>",
"<u>Commission</u>",
"<u>Interested Person</u>" and
"<u>Principal Underwriter</u>" shall have
the meanings given them in the 1940
Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>By-Laws</u>" shall mean the
By-Laws of the Trust as amended from time to time by the
Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Code</u>" shall mean
the Internal Revenue Code of 1986, as amended, and the regulations
promulgated
thereunder.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Commission</u>" shall
mean the Securities and Exchange
Commission.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Declaration</u>"
shall mean this Agreement and Declaration of Trust, as amended,
supplemented or amended and restated from time to
time.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Delaware Statutory Trust
Statute</u>" shall mean the provisions of the Delaware
Statutory Trust Act, 12 <u>Del. C.</u> 3801, <u>et. seq.</u>, as
such Act may be amended from time to
time.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Delaware General Corporation
Law</u>" means the Delaware General Corporation Law, 8
<u>Del</u>. <u>C</u>. 100, <u>et</u>. <u>seq</u>., as amended
from time to time.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Fundamental
Policies</u>" shall mean the investment policies and
restrictions as set forth from time to time in any Registration
Statement of the Trust filed with the Commission and designated as
fundamental policies therein, as they may be amended from time to time
in accordance with the requirements of the 1940 Act.</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Majority Shareholder
Vote</u>" shall mean a vote of "a majority
of the outstanding voting securities" (as such term is
defined in the 1940 Act) of the Trust with each class and series of
Shares voting together as a single class, except to the extent
otherwise required by the 1940 Act or this Declaration with respect to
any one or more classes or series of Shares, in which case the
applicable proportion of such classes or series of Shares voting as a
separate class or series, as case may be, also will be required.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Person</u>" shall mean and include
individuals, corporations, partnerships, trusts, limited liability
companies, associations, joint ventures and other entities, whether or
not legal entities, and governments and agencies and political
subdivisions
thereof.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Prospectus</u>" shall
mean the Prospectus of the Trust, if any, as in effect from time to
time under the Securities Act of 1933, as
amended.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Shareholders</u>" shall
mean as of any particular time the holders of record of outstanding
Shares of the Trust, at such
time.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Shares</u>" shall mean the
transferable units of beneficial interest into which the beneficial
interest in the Trust shall be divided from time to time and includes
fractions of Shares as well as whole Shares. In addition, Shares also
means any preferred shares or preferred units of beneficial interest
which may be issued from time to time, as described herein. All
references to Shares shall be deemed to be Shares of any or all series
or classes as the context may
require.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Trust</u>" shall mean
the trust established by this Declaration, as amended from time to
time, inclusive of each such amendment.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Trust
Property</u>" shall mean as of any particular time any
and all property, real or personal, tangible or intangible, which at
such time is owned or held by or for the account of the Trust or the
Trustees in such
capacity.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">"<u>Trustees</u>" shall
mean the signatories to this Declaration, so long as they shall
continue in office in accordance with the terms hereof, and all other
persons who at the time in question have been duly elected or appointed
and have qualified as trustees in accordance with the provisions hereof
and are then in office.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE II</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>Trustees</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">2.1 <u>Number and
Qualification</u>.&nbsp;&nbsp;&nbsp;&nbsp;Prior to a public offering of Shares there may
be a sole Trustee. Thereafter, the number of Trustees shall be
determined by a written instrument signed by a majority of the Trustees
then in office, provided that the number of Trustees shall be no less
than two or more than eleven. No reduction in the number of Trustees
shall have the effect of removing any Trustee from office prior to the
expiration of his term. An individual nominated as a Trustee shall be
at least 21 years of age and not older than 80 years of age at the time
of nomination and not under legal disability. Trustees need not own
Shares and may succeed themselves in office.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">2.2 <u>Term and
Election</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Board of Trustees shall be divided into three
classes, designated Class I, Class II and Class III. Each class shall
consist, as nearly as may be possible, of one-third of the total number
of trustees constituting the entire Board of Trustees. Within the
limits above specified, the number of the Trustees in each class shall
be determined by resolution of the Board of Trustees. The term of
office of the first class shall expire on the date of the first annual
meeting of Shareholders or special meeting in lieu thereof following
the effective date of the Registration Statement relating to the Shares
under the Securities Act of 1933, as amended. The term of office of the
second class shall expire on the date of the second annual meeting of
Shareholders or special meeting in lieu thereof following the effective
date of the initial Registration Statement relating to the Shares under
the Securities Act of 1933, as amended. The term of office of the third
class shall expire on the date of the third annual meeting of
Shareholders or special meeting in lieu thereof following the effective
date of the initial Registration Statement relating to the Shares under
the Securities Act </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
of 1933, as amended. Upon expiration of the
term of office of each class as set forth above, the number of Trustees
in such class, as determined by the Board of Trustees, shall be elected
for a term expiring on the date of the third annual meeting of
Shareholders or special meeting in lieu thereof following such
expiration to succeed the Trustees whose terms of office expire. The
Trustees shall be elected at an annual meeting of the Shareholders or
special meeting in lieu thereof called for that purpose, except as
provided in Section 2.3 of this Article, and each Trustee elected shall
hold office until his or her successor shall have been elected and
shall have qualified. The term of office of a Trustee shall terminate
and a vacancy shall occur in the event of the death, resignation,
removal, bankruptcy, adjudicated incompetence or other incapacity to
perform the duties of the office, or removal, of a Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">2.3
<u>Resignation and Removal</u>.&nbsp;&nbsp;&nbsp;&nbsp;Any of the Trustees may resign
their trust (without need for prior or subsequent accounting) by an
instrument in writing signed by such Trustee and delivered or mailed to
the Trustees or the Chairman, if any, the President or the Secretary
and such resignation shall be effective upon such delivery, or at a
later date according to the terms of the instrument. Any of the
Trustees may be removed (provided the aggregate number of Trustees
after such removal shall not be less than the minimum number required
by Section 2.1 hereof) for cause only, and not without cause, and only
by action taken by a majority of the remaining Trustees followed by the
holders of at least seventy-five percent (75%) of the Shares
then entitled to vote in an election of such Trustee. Upon the
resignation or removal of a Trustee, each such resigning or removed
Trustee shall execute and deliver such documents as the remaining
Trustees shall require for the purpose of conveying to the Trust or the
remaining Trustees any Trust Property held in the name of such
resigning or removed Trustee. Upon the incapacity or death of any
Trustee, such Trustee's legal representative shall execute and
deliver on such Trustee's behalf such documents as the remaining
Trustees shall require as provided in the preceding sentence.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">2.4
<u>Vacancies</u>.&nbsp;&nbsp;&nbsp;&nbsp;Whenever a vacancy in the Board of Trustees
shall occur, the remaining Trustees may fill such vacancy by appointing
an individual having the qualifications described in this Article by a
written instrument signed by a majority of the Trustees then in office
or may leave such vacancy unfilled or may reduce the number of
Trustees; provided the aggregate number of Trustees after such
reduction shall not be less than the minimum number required by Section
2.1 hereof; provided, further, that if the Shareholders of any class or
series of Shares are entitled separately to elect one or more Trustees,
a majority of the remaining Trustees or the sole remaining Trustee
elected by that class or series may fill any vacancy among the number
of Trustees elected by that class or series. Any vacancy created by an
increase in Trustees may be filled by the appointment of an individual
having the qualifications described in this Article made by a written
instrument signed by a majority of the Trustees then in office. No
vacancy shall operate to annul this Declaration or to revoke any
existing agency created pursuant to the terms of this Declaration.
Whenever a vacancy in the number of Trustees shall occur, until such
vacancy is filled as provided herein, the Trustees in office,
regardless of their number, shall have all the powers granted to the
Trustees and shall discharge all the duties imposed upon the Trustees
by this Declaration.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">2.5 <u>Meetings</u>.&nbsp;&nbsp;&nbsp;&nbsp;Meetings of the
Trustees shall be held from time to time upon the call of the Chairman,
if any, or the President or any two Trustees. Regular meetings of the
Trustees may be held without call or notice at a time and place fixed
by the By-Laws or by resolution of the Trustees. Notice of any other
meeting shall be given by the Secretary and shall be delivered to the
Trustees orally not less than 24 hours, or in writing not less than 72
hours, before the meeting, but may be waived in writing by any Trustee
either before or after such meeting. The attendance of a Trustee at a
meeting shall constitute a waiver of notice of such meeting except
where a Trustee attends a meeting for the express purpose of objecting
to the transaction of any business on the ground that the meeting has
not been properly called or convened. Any time there is more than one
Trustee, a quorum for all meetings of the Trustees shall be one-third,
but not less than two, of the Trustees. Unless provided otherwise in
this Declaration and except as required under the 1940 Act, any action
of the Trustees may be taken at a meeting by vote of a majority of the
Trustees present (a quorum being present) or without a meeting by
written consent of a majority of the Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Any committee of the Trustees, including an
executive committee, if any, may act with or without a meeting. A
quorum for all meetings of any such committee shall be one-third, but
not less than two, of the members thereof. Unless provided otherwise in
this Declaration, any action of any such committee may be taken at a
meeting by vote of a majority of the members present (a quorum being
present) or without a meeting by written consent of all of the
members.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">With respect to actions of the Trustees and any
committee of the Trustees, Trustees who are Interested Persons in any
action to be taken may be counted for quorum purposes under this
Section and shall be entitled to vote to the extent not prohibited by
the 1940 Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">All or any one or more Trustees may participate in
a meeting of the Trustees or any committee thereof by means of a
conference telephone or similar communications equipment by means of
which all persons participating in the meeting can hear each other;
participation in a meeting pursuant to any such communications system
shall constitute presence in person at such meeting.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">2.6
<u>Trustee Action by Written Consent</u>.&nbsp;&nbsp;&nbsp;&nbsp;Any action which may
be taken by Trustees by vote may be taken without a meeting if that
number of the Trustees, or members of a committee, as the case may be,
required for approval of such action at a meeting of the Trustees or of
such committee consent to the action in writing and the written
consents are filed with the records of the meetings of Trustees. Such
consent shall be treated for all purposes as a vote taken at a meeting
of Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">2.7 <u>Officers</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall elect
a President, a Secretary and a Treasurer and may elect a Chairman who
shall serve at the pleasure of the Trustees or until their successors
are elected. The Trustees may elect or appoint or may authorize the
Chairman, if any, or President to appoint such other officers or agents
with such powers as the Trustees may deem to be advisable. A Chairman
shall, and the President, Secretary and Treasurer may, but need not, be
a Trustee.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE III</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>Powers and Duties
of Trustees</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.1 <u>General</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees
shall owe to the Trust and its Shareholders the same fiduciary duties
as owed by directors of corporations to such corporations and their
stockholders under the Delaware General Corporation Law. The Trustees
shall have exclusive and absolute control over the Trust Property and
over the business of the Trust to the same extent as if the Trustees
were the sole owners of the Trust Property and business in their own
right, but with such powers of delegation as may be permitted by this
Declaration. The Trustees may perform such acts as in their sole
discretion are proper for conducting the business of the Trust. The
enumeration of any specific power herein shall not be construed as
limiting the aforesaid power. Such powers of the Trustees may be
exercised without order of or resort to any court.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.2
<u>Investments</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have power, subject to
the Fundamental Policies in effect from time to time with respect to
the Trust to:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(a) manage, conduct, operate and carry on the
business of an investment company;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b) subscribe for, invest in,
reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign,
transfer, exchange, distribute or otherwise deal in or dispose of any
and all sorts of property, tangible or intangible, including but not
limited to securities of any type whatsoever, whether equity or
non-equity, of any issuer, evidences of indebtedness of any person and
any other rights, interests, instruments or property of any sort and to
exercise any and all rights, powers and privileges of ownership or
interest in respect of any and all such investments of every kind and
description, including, without limitation, the right to consent and
otherwise act with respect thereto, with power to designate one or more
Persons to exercise any of said rights, powers and privileges in
respect of any of said investments. The Trustees shall not be limited
by any law limiting the investments which may be made by
fiduciaries.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.3 <u>Legal Title</u>.&nbsp;&nbsp;&nbsp;&nbsp;Legal title to all
the Trust Property shall be vested in the Trustees as joint tenants
except that the Trustees shall have power to cause legal title to any
Trust Property to be held </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
by or in the name of one or more of the
Trustees, or in the name of the Trust, or in the name of any other
Person as nominee, custodian or pledgee, on such terms as the Trustees
may determine, provided that the interest of the Trust therein is
appropriately protected.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The right, title and interest of the
Trustees in the Trust Property shall vest automatically in each person
who may hereafter become a Trustee upon his due election and
qualification. Upon the ceasing of any person to be a Trustee for any
reason, such person shall automatically cease to have any right, title
or interest in any of the Trust Property, and the right, title and
interest of such Trustee in the Trust Property shall vest automatically
in the remaining Trustees. Such vesting and cessation of title shall be
effective whether or not conveyancing documents have been executed and
delivered.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.4 <u>Issuance and Repurchase of
Shares</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have the power to issue, sell,
repurchase, redeem, retire, cancel, acquire, hold, resell, reissue,
dispose of, transfer, and otherwise deal in, Shares, including Shares
in fractional denominations, and, subject to the more detailed
provisions set forth in Articles VIII and IX, to apply to any such
repurchase, redemption, retirement, cancellation or acquisition of
Shares any funds or property whether capital or surplus or otherwise,
to the full extent now or hereafter permitted corporations formed under
the Delaware General Corporation Law.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.5 <u>Borrow Money or
Utilize Leverage</u>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Fundamental Policies in
effect from time to time with respect to the Trust, the Trustees shall
have the power to borrow money or otherwise obtain credit or utilize
leverage to the maximum extent permitted by law or regulation as such
may be needed from time to time and to secure the same by mortgaging,
pledging or otherwise subjecting as security the assets of the Trust,
including the lending of portfolio securities, and to endorse,
guarantee, or undertake the performance of any obligation, contract or
engagement of any other person, firm, association or
corporation.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.6 <u>Delegation; Committees</u>.&nbsp;&nbsp;&nbsp;&nbsp;The
Trustees shall have the power, consistent with their continuing
exclusive authority over the management of the Trust and the Trust
Property, to delegate from time to time to such of their number or to
officers, employees or agents of the Trust the doing of such things,
including any matters set forth in this Declaration, and the execution
of such instruments either in the name of the Trust or the names of the
Trustees or otherwise as the Trustees may deem expedient. The Trustees
may designate one or more committees which shall have all or such
lesser portion of the authority of the entire Board of Trustees as the
Trustees shall determine from time to time except to the extent action
by the entire Board of Trustees or particular Trustees is required by
the 1940 Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.7 <u>Collection and Payment</u>.&nbsp;&nbsp;&nbsp;&nbsp;The
Trustees shall have power to collect all property due to the Trust; to
pay all claims, including taxes, against the Trust Property or the
Trust, the Trustees or any officer, employee or agent of the Trust; to
prosecute, defend, compromise or abandon any claims relating to the
Trust Property or the Trust, or the Trustees or any officer, employee
or agent of the Trust; to foreclose any security interest securing any
obligations, by virtue of which any property is owed to the Trust; and
to enter into releases, agreements and other instruments. Except to the
extent required for a corporation formed under the Delaware General
Corporation Law, the Shareholders shall have no power to vote as to
whether or not a court action, legal proceeding or claim should or
should not be brought or maintained derivatively or as a class action
on behalf of the Trust or the Shareholders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.8
<u>Expenses</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have power to incur and pay
out of the assets or income of the Trust any expenses which in the
opinion of the Trustees are necessary or incidental to carry out any of
the purposes of this Declaration, and the business of the Trust, and to
pay reasonable compensation from the funds of the Trust to themselves
as Trustees. The Trustees shall fix the compensation of all officers,
employees and Trustees. The Trustees may pay themselves such
compensation for special services, including legal, underwriting,
syndicating and brokerage services, as they in good faith may deem
reasonable and reimbursement for expenses reasonably incurred by
themselves on behalf of the Trust. The Trustees shall have the power,
as frequently as they may determine, to cause each Shareholder to pay
directly, in advance or arrears, for charges of distribution, of the
custodian or transfer, Shareholder servicing or similar agent, a pro
rata amount as defined from time to time by the Trustees, by setting
off such charges due from such Shareholder from declared but unpaid
dividends </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
or distributions owed such Shareholder and/or
by reducing the number of shares in the account of such Shareholder by
that number of full and/or fractional Shares which represents the
outstanding amount of such charges due from such Shareholder.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.9
<u>By-Laws</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have the exclusive authority
to adopt and from time to time amend or repeal By-Laws for the conduct
of the business of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.10 <u>Miscellaneous
Powers</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have the power to: (a) employ or
contract with such Persons as the Trustees may deem desirable for the
transaction of the business of the Trust; (b) enter into joint
ventures, partnerships and any other combinations or associations; (c)
purchase, and pay for out of Trust Property, insurance policies
insuring the Shareholders, Trustees, officers, employees, agents,
investment advisors, distributors, selected dealers or independent
contractors of the Trust against all claims arising by reason of
holding any such position or by reason of any action taken or omitted
by any such Person in such capacity, whether or not constituting
negligence, or whether or not the Trust would have the power to
indemnify such Person against such liability; (d) establish pension,
profit-sharing, share purchase, and other retirement, incentive and
benefit plans for any Trustees, officers, employees and agents of the
Trust; (e) make donations, irrespective of benefit to the Trust, for
charitable, religious, educational, scientific, civic or similar
purposes; (f) to the extent permitted by law, indemnify any Person with
whom the Trust has dealings, including without limitation any advisor,
administrator, manager, transfer agent, custodian, distributor or
selected dealer, or any other person as the Trustees may see fit to
such extent as the Trustees shall determine; (g) guarantee indebtedness
or contractual obligations of others; (h) determine and change the
fiscal year of the Trust and the method in which its accounts shall be
kept; (i) notwithstanding the Fundamental Policies of the Trust,
convert the Trust to a master-feeder structure; provided, however, the
Trust obtains the approval of shareholders holding at least a majority
of the Trust's Shares present at a meeting of Shareholders at
which a quorum is present; and (j) adopt a seal for the Trust but the
absence of such seal shall not impair the validity of any instrument
executed on behalf of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.11. <u>Further
Powers</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall have the power to conduct the
business of the Trust and carry on its operations in any and all of its
branches and maintain offices both within and without the State of
Delaware, in any and all states of the United States of America, in the
District of Columbia, and in any and all commonwealths, territories,
dependencies, colonies, possessions, agencies or instrumentalities of
the United States of America and of foreign governments, and to do all
such other things and execute all such instruments as they deem
necessary, proper or desirable in order to promote the interests of the
Trust although such things are not herein specifically mentioned. Any
determination as to what is in the interests of the Trust made by the
Trustees in good faith shall be conclusive. In construing the
provisions of this Declaration, the presumption shall be in favor of a
grant of power to the Trustees. The Trustees will not be required to
obtain any court order to deal with the Trust
Property.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE IV</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>Advisory, Management
and Distribution Arrangements</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">4.1 <u>Advisory and
Management Arrangements</u>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the requirements of
applicable law as in effect from time to time, the Trustees may in
their discretion from time to time enter into advisory, administration
or management contracts (including, in each case, one or more
sub-advisory, sub-administration or sub-management contracts) whereby
the other party to any such contract shall undertake to furnish such
advisory, administrative and management services with respect to the
Trust as the Trustees shall from time to time consider desirable and
all upon such terms and conditions as the Trustees may in their
discretion determine. Notwithstanding any provisions of this
Declaration, the Trustees may authorize any advisor, administrator or
manager (subject to such general or specific instructions as the
Trustees may from time to time adopt) to exercise any of the powers of
the Trustees, including to effect investment transactions with respect
to the assets on behalf of the Trust to the full extent of the power of
the Trustees to effect such transactions or may authorize any officer,
employee or Trustee to effect such transactions pursuant to
recommendations of any such advisor, administrator or manager (and all
without further action by the Trustees). Any such investment
transaction shall be deemed to have been authorized by all of the
Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">6</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">4.2 <u>Distribution
Arrangements</u>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with the 1940 Act, the
Trustees may retain underwriters and/or placement agents to sell Shares
and other securities of the Trust. The Trustees may in their discretion
from time to time enter into one or more contracts, providing for the
sale of securities of the Trust, whereby the Trust may either agree to
sell such securities to the other party to the contract or appoint such
other party its sales agent for such securities. In either case, the
contract shall be on such terms and conditions as the Trustees may in
their discretion determine not inconsistent with the provisions of this
Article IV or the By-Laws; and such contract may also provide for the
repurchase or sale of securities of the Trust by such other party as
principal or as agent of the Trust and may provide that such other
party may enter into selected dealer agreements with registered
securities dealers and brokers and servicing and similar agreements
with persons who are not registered securities dealers to further the
purposes of the distribution or repurchase of the securities of the
Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">4.3 <u>Parties to Contract</u>.&nbsp;&nbsp;&nbsp;&nbsp;Any contract of the
character described in Sections 4.1 and 4.2 of this Article IV or in
Article VII hereof may be entered into with any Person, although one or
more of the Trustees, officers or employees of the Trust may be an
officer, director, trustee, shareholder, or member of such other party
to the contract, and no such contract shall be invalidated or rendered
voidable by reason of the existence of any such relationship, nor shall
any Person holding such relationship be liable merely by reason of such
relationship for any loss or expense to the Trust under or by reason of
said contract or accountable for any profit realized directly or
indirectly therefrom, provided that the contract when entered into was
reasonable and fair and not inconsistent with the provisions of this
Article IV or the By-Laws. The same Person may be the other party to
contracts entered into pursuant to Sections 4.1 and 4.2 above or
Article VII, and any individual may be financially interested or
otherwise affiliated with Persons who are parties to any or all of the
contracts mentioned in this Section 4.3.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE V</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>Limitations of Liability and
Indemnification</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.1 <u>No Personal Liability of
Shareholders, Trustees, etc.</u>&nbsp;&nbsp;&nbsp;&nbsp;No Shareholder of the Trust
shall be subject in such capacity to any personal liability whatsoever
to any Person in connection with Trust Property or the acts,
obligations or affairs of the Trust. Shareholders shall have the same
limitation of personal liability as is extended to stockholders of a
private corporation for profit incorporated under the Delaware General
Corporation Law. No Trustee or officer of the Trust shall be subject in
such capacity to any personal liability whatsoever to any Person, save
only liability to the Trust or its Shareholders arising from bad faith,
willful misfeasance, gross negligence or reckless disregard for his
duty to such Person; and, subject to the foregoing exception, all such
Persons shall look solely to the Trust Property for satisfaction of
claims of any nature arising in connection with the affairs of the
Trust. If any Shareholder, Trustee or officer, as such, of the Trust,
is made a party to any suit or proceeding to enforce any such
liability, subject to the foregoing exception, he shall not, on account
thereof, be held to any personal liability. Any repeal or modification
of this Section 5.1 shall not adversely affect any right or protection
of a Trustee or officer of the Trust existing at the time of such
repeal or modification with respect to acts or omissions occurring
prior to such repeal or modification.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.2 <u>Mandatory
Indemnification</u>.&emsp;The Trust hereby agrees to indemnify each
person who at any time serves as a Trustee or officer of the Trust
(each such person being an "indemnitee")
against any liabilities and expenses, including amounts paid in
satisfaction of judgments, in compromise or as fines and penalties, and
reasonable counsel fees reasonably incurred by such indemnitee in
connection with the defense or disposition of any action, suit or other
proceeding, whether civil or criminal, before any court or
administrative or investigative body in which he may be or may have
been involved as a party or otherwise or with which he may be or may
have been threatened, while acting in any capacity set forth in this
Article V by reason of his having acted in any such capacity, except
with respect to any matter as to which he shall not have acted in good
faith in the reasonable belief that his action was in the best interest
of the Trust or, in the case of any criminal proceeding, as to which he
shall have had reasonable cause to believe that the conduct was
unlawful, provided, however, that no </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">7</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
indemnitee shall be indemnified hereunder
against any liability to any person or any expense of such indemnitee
arising by reason of (i) willful misfeasance, (ii) bad faith, (iii)
gross negligence, or (iv) reckless disregard of the duties involved in
the conduct of his position (the conduct referred to in such clauses
(i) through (iv) being sometimes referred to herein as
"disabling conduct"). Notwithstanding the
foregoing, with respect to any action, suit or other proceeding
voluntarily prosecuted by any indemnitee as plaintiff, indemnification
shall be mandatory only if the prosecution of such action, suit or
other proceeding by such indemnitee (1) was authorized by a majority of
the Trustees or (2) was instituted by the indemnitee to enforce his or
her rights to indemnification hereunder in a case in which the
indemnitee is found to be entitled to such indemnification. The rights
to indemnification set forth in this Declaration shall continue as to a
person who has ceased to be a Trustee or officer of the Trust and shall
inure to the benefit of his or her heirs, executors and personal and
legal representatives. No amendment or restatement of this Declaration
or repeal of any of its provisions shall limit or eliminate any of the
benefits provided to any person who at any time is or was a Trustee or
officer of the Trust or otherwise entitled to indemnification hereunder
in respect of any act or omission that occurred prior to such
amendment, restatement or repeal.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b) Notwithstanding the
foregoing, no indemnification shall be made hereunder unless there has
been a determination (i) by a final decision on the merits by a court
or other body of competent jurisdiction before whom the issue of
entitlement to indemnification hereunder was brought that such
indemnitee is entitled to indemnification hereunder or, (ii) in the
absence of such a decision, by (1) a majority vote of a quorum of those
Trustees who are neither "interested persons"
of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor
parties to the proceeding ("Disinterested Non-Party
Trustees"), that the indemnitee is entitled to
indemnification hereunder, or (2) if such quorum is not obtainable or
even if obtainable, if such majority so directs, independent legal
counsel in a written opinion concludes that the indemnitee should be
entitled to indemnification hereunder. All determinations to make
advance payments in connection with the expense of defending any
proceeding shall be authorized and made in accordance with the
immediately succeeding paragraph (c) below.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(c) The Trust shall
make advance payments in connection with the expenses of defending any
action with respect to which indemnification might be sought hereunder
if the Trust receives a written affirmation by the indemnitee of the
indemnitee's good faith belief that the standards of conduct
necessary for indemnification have been met and a written undertaking
to reimburse the Trust unless it is subsequently determined that the
indemnitee is entitled to such indemnification and if a majority of the
Trustees determine that the applicable standards of conduct necessary
for indemnification appear to have been met. In addition, at least one
of the following conditions must be met: (i) the indemnitee shall
provide adequate security for his undertaking, (ii) the Trust shall be
insured against losses arising by reason of any lawful advances, or
(iii) a majority of a quorum of the Disinterested Non-Party Trustees,
or if a majority vote of such quorum so direct, independent legal
counsel in a written opinion, shall conclude, based on a review of
readily available facts (as opposed to a full trial-type inquiry), that
there is substantial reason to believe that the indemnitee ultimately
will be found entitled to indemnification.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(d) The rights
accruing to any indemnitee under these provisions shall not exclude any
other right which any person may have or hereafter acquire under this
Declaration, the By-Laws of the Trust, any statute, agreement, vote of
stockholders or Trustees who are "disinterested
persons" (as defined in Section 2(a)(19) of the 1940 Act)
or any other right to which he or she may be lawfully
entitled.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(e) Subject to any limitations provided by the 1940 Act
and this Declaration, the Trust shall have the power and authority to
indemnify and provide for the advance payment of expenses to employees,
agents and other Persons providing services to the Trust or serving in
any capacity at the request of the Trust to the full extent
corporations organized under the Delaware General Corporation Law may
indemnify or provide for the advance payment of expenses for such
Persons, provided that such indemnification has been approved by a
majority of the Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.3 <u>No Bond Required of
Trustees</u>.&nbsp;&nbsp;&nbsp;&nbsp;No Trustee shall, as such, be obligated to give any
bond or other security for the performance of any of his duties
hereunder.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">8</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.4 <u>No Duty of Investigation; No Notice
in Trust Instruments, etc.</u>&nbsp;&nbsp;&nbsp;&nbsp;No purchaser, lender, transfer
agent or other person dealing with the Trustees or with any officer,
employee or agent of the Trust shall be bound to make any inquiry
concerning the validity of any transaction purporting to be made by the
Trustees or by said officer, employee or agent or be liable for the
application of money or property paid, loaned, or delivered to or on
the order of the Trustees or of said officer, employee or agent. Every
obligation, contract, undertaking, instrument, certificate, Share,
other security of the Trust, and every other act or thing whatsoever
executed in connection with the Trust shall be conclusively taken to
have been executed or done by the executors thereof only in their
capacity as Trustees under this Declaration or in their capacity as
officers, employees or agents of the Trust. The Trustees may maintain
insurance for the protection of the Trust Property, the Shareholders,
Trustees, officers, employees and agents in such amount as the Trustees
shall deem adequate to cover possible tort liability, and such other
insurance as the Trustees in their sole judgment shall deem advisable
or is required by the 1940 Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.5 <u>Reliance on Experts,
etc.</u>&nbsp;&nbsp;&nbsp;&nbsp;Each Trustee and officer or employee of the Trust shall,
in the performance of its duties, be fully and completely justified and
protected with regard to any act or any failure to act resulting from
reliance in good faith upon the books of account or other records of
the Trust, upon an opinion of counsel, or upon reports made to the
Trust by any of the Trust's officers or employees or by any
advisor, administrator, manager, distributor, selected dealer,
accountant, appraiser or other expert or consultant selected with
reasonable care by the Trustees, officers or employees of the Trust,
regardless of whether such counsel or expert may also be a
Trustee.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE VI</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>Shares of Beneficial
Interest</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">6.1 <u>Beneficial Interest</u>.&nbsp;&nbsp;&nbsp;&nbsp;The
interest of the beneficiaries hereunder shall be divided into an
unlimited number of transferable shares of beneficial interest, par
value $.001 per share. All Shares issued in accordance with the terms
hereof, including, without limitation, Shares issued in connection with
a dividend in Shares or a split of Shares, shall be fully paid and,
except as provided in the last sentence of Section 3.8, nonassessable
when the consideration determined by the Trustees (if any) therefor
shall have been received by the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">6.2 <u>Other
Securities</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees may, subject to the Fundamental
Policies and the requirements of the 1940 Act, authorize and issue such
other securities of the Trust as they determine to be necessary,
desirable or appropriate, having such terms, rights, preferences,
privileges, limitations and restrictions as the Trustees see fit,
including preferred interests, debt securities or other senior
securities. To the extent that the Trustees authorize and issue
preferred shares of any class or series, they are hereby authorized and
empowered to amend or supplement this Declaration as they deem
necessary or appropriate, including to comply with the requirements of
the 1940 Act or requirements imposed by the rating agencies or other
Persons, all without the approval of Shareholders. Any such supplement
or amendment shall be filed as is necessary. The Trustees are also
authorized to take such actions and retain such persons as they see fit
to offer and sell such securities.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">6.3 <u>Rights of
Shareholders</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Shares shall be personal property giving
only the rights in this Declaration specifically set forth. The
ownership of the Trust Property of every description and the right to
conduct any business herein before described are vested exclusively in
the Trustees, and the Shareholders shall have no interest therein other
than the beneficial interest conferred by their Shares, and they shall
have no right to call for any partition or division of any property,
profits, rights or interests of the Trust nor can they be called upon
to share or assume any losses of the Trust or, subject to the right of
the Trustees to charge certain expenses directly to Shareholders, as
provided in the last sentence of Section 3.8, suffer an assessment of
any kind by virtue of their ownership of Shares. The Shares shall not
entitle the holder to preference, preemptive, appraisal, conversion or
exchange rights (except as specified in this Section 6.3, in Section
11.4 or as specified by the Trustees when creating the Shares, as in
preferred shares).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">6.4 <u>Trust Only</u>.&nbsp;&nbsp;&nbsp;&nbsp;It is the
intention of the Trustees to create only the relationship of Trustee
and beneficiary between the Trustees and each Shareholder from time to
time. It is not the intention of </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">9</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
the Trustees to create a general
partnership, limited partnership, joint stock association, corporation,
bailment or any form of legal relationship other than a trust. Nothing
in this Declaration shall be construed to make the Shareholders, either
by themselves or with the Trustees, partners or members of a joint
stock association.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">6.5 <u>Issuance of Shares</u>.&nbsp;&nbsp;&nbsp;&nbsp;The
Trustees, in their discretion, may from time to time without vote of
the Shareholders issue Shares including preferred shares that may have
been established pursuant to Section 6.2, in addition to the then
issued and outstanding Shares and Shares held in the treasury, to such
party or parties and for such amount and type of consideration,
including cash or property, at such time or times, and on such terms as
the Trustees may determine, and may in such manner acquire other assets
(including the acquisition of assets subject to, and in connection with
the assumption of, liabilities) and businesses. The Trustees may from
time to time divide or combine the Shares into a greater or lesser
number without thereby changing the proportionate beneficial interest
in such Shares. Issuances and redemptions of Shares may be made in
whole Shares and/or l/l,000ths of a Share or multiples thereof as the
Trustees may determine.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">6.6 <u>Register of Shares</u>.&nbsp;&nbsp;&nbsp;&nbsp;A
register shall be kept at the offices of the Trust or any transfer
agent duly appointed by the Trustees under the direction of the
Trustees which shall contain the names and addresses of the
Shareholders and the number of Shares held by them respectively and a
record of all transfers thereof. Separate registers shall be
established and maintained for each class or series of Shares. Each
such register shall be conclusive as to who are the holders of the
Shares of the applicable class or series of Shares and who shall be
entitled to receive dividends or distributions or otherwise to exercise
or enjoy the rights of Shareholders. No Shareholder shall be entitled
to receive payment of any dividend or distribution, nor to have notice
given to him as herein provided, until he has given his address to a
transfer agent or such other officer or agent of the Trustees as shall
keep the register for entry thereon. It is not contemplated that
certificates will be issued for the Shares; however, the Trustees, in
their discretion, may authorize the issuance of share certificates and
promulgate appropriate fees therefore and rules and regulations as to
their use.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">6.7 <u>Transfer Agent and Registrar</u>.&nbsp;&nbsp;&nbsp;&nbsp;The
Trustees shall have power to employ a transfer agent or transfer
agents, and a registrar or registrars, with respect to the Shares. The
transfer agent or transfer agents may keep the applicable register and
record therein, the original issues and transfers, if any, of the said
Shares. Any such transfer agents and/or registrars shall perform the
duties usually performed by transfer agents and registrars of
certificates of stock in a corporation, as modified by the
Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">6.8 <u>Transfer of Shares</u>.&nbsp;&nbsp;&nbsp;&nbsp;Shares shall be
transferable on the records of the Trust only by the record holder
thereof or by its agent thereto duly authorized in writing, upon
delivery to the Trustees or a transfer agent of the Trust of a duly
executed instrument of transfer, together with such evidence of the
genuineness of each such execution and authorization and of other
matters (including compliance with any securities laws and contractual
restrictions) as may reasonably be required. Upon such delivery the
transfer shall be recorded on the applicable register of the Trust.
Until such record is made, the Shareholder of record shall be deemed to
be the holder of such Shares for all purposes hereof and neither the
Trustees nor any transfer agent or registrar nor any officer, employee
or agent of the Trust shall be affected by any notice of the proposed
transfer.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Any person becoming entitled to any Shares in
consequence of the death, bankruptcy, or incompetence of any
Shareholder, or otherwise by operation of law, shall be recorded on the
applicable register of Shares as the holder of such Shares upon
production of the proper evidence thereof to the Trustees or a transfer
agent of the Trust, but until such record is made, the Shareholder of
record shall be deemed to be the holder of such for all purposes
hereof, and neither the Trustees nor any transfer agent or registrar
nor any officer or agent of the Trust shall be affected by any notice
of such death, bankruptcy or incompetence, or other operation of
law.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">6.9 <u>Notices</u>.&nbsp;&nbsp;&nbsp;&nbsp;Any and all notices to which any
Shareholder hereunder may be entitled and any and all communications
shall be deemed duly served or given if mailed, postage prepaid,
addressed to any Shareholder of record at his last known address as
recorded on the applicable register of the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">10</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE VII</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>Custodians</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">7.1 <u>Appointment and
Duties</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees shall at all times employ a custodian or
custodians, meeting the qualifications for custodians for portfolio
securities of investment companies contained in the 1940 Act, as
custodian with respect to the assets of the Trust. Any custodian shall
have authority as agent of the Trust as determined by the custodian
agreement or agreements, but subject to such restrictions, limitations
and other requirements, if any, as may be contained in the By-Laws of
the Trust and the 1940 Act, including without limitation
authority:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(1) to hold the securities owned by
the Trust and deliver the same upon written
order;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(2) to receive any receipt for any
moneys due to the Trust and deposit the same in its own banking
department (if a bank) or elsewhere as the Trustees may
direct;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(3) to disburse such funds upon orders
or vouchers;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(4) if authorized by the Trustees,
to keep the books and accounts of the Trust and furnish clerical and
accounting services; and</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(5) if authorized to
do so by the Trustees, to compute the net income or net asset value of
the Trust;</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">all upon such basis of compensation as may be
agreed upon between the Trustees and the custodian.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">The Trustees
may also authorize each custodian to employ one or more sub-custodians
from time to time to perform such of the acts and services of the
custodian and upon such terms and conditions, as may be agreed upon
between the custodian and such sub-custodian and approved by the
Trustees, provided that in every case such sub-custodian shall meet the
qualifications for custodians contained in the 1940 Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">7.2
<u>Central Certificate System</u>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to such rules,
regulations and orders as the Commission may adopt, the Trustees may
direct the custodian to deposit all or any part of the securities owned
by the Trust in a system for the central handling of securities
established by a national securities exchange or a national securities
association registered with the Commission under the Securities
Exchange Act of 1934, or such other Person as may be permitted by the
Commission, or otherwise in accordance with the 1940 Act, pursuant to
which system all securities of any particular class of any issuer
deposited within the system are treated as fungible and may be
transferred or pledged by bookkeeping entry without physical delivery
of such securities, provided that all such deposits shall be subject to
withdrawal only upon the order of the Trust.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE
VIII</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>Redemption</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">8.1
<u>Redemptions</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Shares of the Trust are not redeemable
by the holders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">8.2 <u>Disclosure of Holding</u>.&nbsp;&nbsp;&nbsp;&nbsp;The
holders of Shares or other securities of the Trust shall upon demand
disclose to the Trustees in writing such information with respect to
direct and indirect ownership of Shares or other securities of the
Trust as the Trustees deem necessary to comply with the provisions of
the Code, the 1940 or other applicable laws or regulations, or to
comply with the requirements of any other taxing or regulatory
authority.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE IX</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">Determination of Net
Asset Value<br>
<u>Net Income and Distributions</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">9.1
<u>Net Asset Value</u>.&nbsp;&nbsp;&nbsp;&nbsp;The net asset value of each outstanding
Share of the Trust shall be determined at such time or times on such
days as the Trustees may determine, in accordance with the
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">11</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
1940 Act. The method of determination of net
asset value shall be determined by the Trustees and shall be as set
forth in the Prospectus or as may otherwise be determined by the
Trustees. The power and duty to make the net asset value calculations
may be delegated by the Trustees and shall be as generally set forth in
the Prospectus or as may otherwise be determined by the
Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">9.2 <u>Distributions to Shareholders</u>.&emsp;The
Trustees shall from time to time distribute ratably among the
Shareholders of any class of Shares, or any series of any such class,
in accordance with the number of outstanding full and fractional Shares
of such class or any series of such class, such proportion of the net
profits, surplus (including paid-in surplus), capital, or assets held
by the Trustees as they may deem proper or as may otherwise be
determined in accordance with this Declaration. Any such distribution
may be made in cash or property (including without limitation any type
of obligations of the Trust or any assets thereof) or Shares of any
class or series or any combination thereof, and the Trustees may
distribute ratably among the Shareholders of any class of shares or
series of any such class, in accordance with the number of outstanding
full and fractional Shares of such class or any series of such class,
additional Shares of any class or series in such manner, at such times,
and on such terms as the Trustees may deem proper or as may otherwise
be determined in accordance with this Declaration.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b)
Distributions pursuant to this Section 9.2 may be among the
Shareholders of record of the applicable class or series of Shares at
the time of declaring a distribution or among the Shareholders of
record at such later date as the Trustees shall determine and
specify.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(c) The Trustees may always retain from the net profits
such amount as they may deem necessary to pay the debts or expenses of
the Trust or to meet obligations of the Trust, or as they otherwise may
deem desirable to use in the conduct of its affairs or to retain for
future requirements or extensions of the business.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(d) Inasmuch
as the computation of net income and gains for Federal income tax
purposes may vary from the computation thereof on the books, the above
provisions shall be interpreted to give the Trustees the power in their
discretion to distribute for any fiscal year as ordinary dividends and
as capital gains distributions, respectively, additional amounts
sufficient to enable the Trust to avoid or reduce liability for
taxes.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">9.3 <u>Power to Modify Foregoing
Procedures</u>.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any of the foregoing provisions
of this Article IX, the Trustees may prescribe, in their absolute
discretion except as may be required by the 1940 Act, such other bases
and times for determining the per share asset value of the
Trust's Shares or net income, or the declaration and payment of
dividends and distributions as they may deem necessary or desirable for
any reason, including to enable the Trust to comply with any provision
of the 1940 Act, or any securities exchange or association registered
under the Securities Exchange Act of 1934, or any order of exemption
issued by the Commission, all as in effect now or hereafter amended or
modified.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE X</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>Shareholders</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">10.1 <u>Meetings of
Shareholders</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall hold annual meetings of the
Shareholders (provided that the Trust's initial annual meeting of
Shareholders may occur up to one year after the completion of its
initial fiscal year). A special meeting of Shareholders may be called
at any time by a majority of the Trustees or the President and shall be
called by any Trustee for any proper purpose upon written request of
Shareholders of the Trust holding in the aggregate not less than
51% of the outstanding Shares of the Trust or class or series of
Shares having voting rights on the matter, such request specifying the
purpose or purposes for which such meeting is to be called. Any
shareholder meeting, including a Special Meeting, shall be held within
or without the State of Delaware on such day and at such time as the
Trustees shall designate.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">10.2 <u>Voting</u>.&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
shall have no power to vote on any matter except matters on which a
vote of Shareholders is required by applicable law, this Declaration or
resolution of the Trustees. This </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">12</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
Declaration expressly provides that no
matter for which voting is required by the Statutory Trust Act in the
absence of the contrary provision in the Declaration shall require any
vote. Except as otherwise provided herein, any matter required to be
submitted to Shareholders and affecting one or more classes or series
of Shares shall require approval by the required vote of all the
affected classes and series of Shares voting together as a single
class; provided, however, that as to any matter with respect to which a
separate vote of any class or series of Shares is required by the 1940
Act, such requirement as to a separate vote by that class or series of
Shares shall apply in addition to a vote of all the affected classes
and series voting together as a single class. Shareholders of a
particular class or series of Shares shall not be entitled to vote on
any matter that affects only one or more other classes or series of
Shares. There shall be no cumulative voting in the election or removal
of Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">10.3 <u>Notice of Meeting and Record
Date</u>.&nbsp;&nbsp;&nbsp;&nbsp;Notice of all meetings of Shareholders, stating the
time, place and purposes of the meeting, shall be given by the Trustees
by mail to each Shareholder of record entitled to vote thereat at its
registered address, mailed at least 10 days and not more than 90 days
before the meeting or otherwise in compliance with applicable law. Only
the business stated in the notice of the meeting shall be considered at
such meeting. Any adjourned meeting may be held as adjourned one or
more times without further notice not later than 120 days after the
record date. For the purposes of determining the Shareholders who are
entitled to notice of and to vote at any meeting the Trustees may,
without closing the transfer books, fix a date not more than 90 nor
less than 10 days prior to the date of such meeting of Shareholders as
a record date for the determination of the Persons to be treated as
Shareholders of record for such purposes.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">10.4 <u>Quorum and
Required Vote</u>.&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority of the Shares
entitled to vote on any matter at a meeting present in person or by
proxy shall constitute a quorum at such meeting of the Shareholders for
purposes of conducting business on such matter. The absence from any
meeting, in person or by proxy, of a quorum of Shareholders for action
upon any given matter shall not prevent action at such meeting upon any
other matter or matters which may properly come before the meeting, if
there shall be present thereat, in person or by proxy, a quorum of
Shareholders in respect of such other matters.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b) Subject to any
provision of applicable law, this Declaration or a resolution of the
Trustees specifying a greater or a lesser vote requirement for the
transaction of any item of business at any meeting of Shareholders, (i)
the affirmative vote of a majority of the Shares present in person or
represented by proxy and entitled to vote on the subject matter shall
be the act of the Shareholders with respect to such matter, and
(ii)&nbsp;where a separate vote of one or more classes or series of
Shares is required on any matter, the affirmative vote of a majority of
the Shares of such class or series of Shares present in person or
represented by proxy at the meeting shall be the act of the
Shareholders of such class or series with respect to such
matter.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">10.5 <u>Proxies, etc.</u>&nbsp;&nbsp;&nbsp;&nbsp;At any meeting of
Shareholders, any holder of Shares entitled to vote thereat may vote by
properly executed proxy, provided that no proxy shall be voted at any
meeting unless it shall have been placed on file with the Secretary, or
with such other officer or agent of the Trust as the Secretary may
direct, for verification prior to the time at which such vote shall be
taken. Pursuant to a resolution of a majority of the Trustees, proxies
may be solicited in the name of one or more Trustees or one or more of
the officers or employees of the Trust. No proxy shall be valid after
the expiration of 11 months from the date thereof, unless otherwise
provided in the proxy. Only Shareholders of record shall be entitled to
vote. Each full Share shall be entitled to one vote and fractional
Shares shall be entitled to a vote of such fraction. When any Share is
held jointly by several persons, any one of them may vote at any
meeting in person or by proxy in respect of such Share, but if more
than one of them shall be present at such meeting in person or by
proxy, and such joint owners or their proxies so present disagree as to
any vote to be cast, such vote shall not be received in respect of such
Share. A proxy purporting to be executed by or on behalf of a
Shareholder shall be deemed valid unless challenged at or prior to its
exercise, and the burden of proving invalidity shall rest on the
challenger. If the holder of any such Share is a minor or a person of
unsound mind, and subject to guardianship or to the legal control of
any other person as regards the charge or management of such Share, he
may vote by his guardian or such other person appointed or having such
control, and such vote may be given in person or by
proxy.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">13</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">10.6 <u>Reports</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees
shall cause to be prepared at least annually and more frequently to the
extent and in the form required by law, regulation or any exchange on
which Trust Shares are listed a report of operations containing a
balance sheet and statement of income and undistributed income of the
Trust prepared in conformity with generally accepted accounting
principles and an opinion of an independent public accountant on such
financial statements. Copies of such reports shall be mailed to all
Shareholders of record within the time required by the 1940 Act, and in
any event within a reasonable period preceding the meeting of
Shareholders. The Trustees shall, in addition, furnish to the
Shareholders at least semi-annually to the extent required by law,
interim reports containing an unaudited balance sheet of the Trust as
of the end of such period and an unaudited statement of income and
surplus for the period from the beginning of the current fiscal year to
the end of such period.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">10.7 <u>Inspection of
Records</u>.&nbsp;&nbsp;&nbsp;&nbsp;The records of the Trust shall be open to inspection
by Shareholders to the same extent as is permitted shareholders of a
corporation formed under the Delaware General Corporation
Law.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">10.8 <u>Shareholder Action by Written
Consent</u>.&nbsp;&nbsp;&nbsp;&nbsp;Any action which may be taken by Shareholders by
vote may be taken without a meeting if the holders entitled to vote
thereon of the proportion of Shares required for approval of such
action at a meeting of Shareholders pursuant to Section 10.4 consent to
the action in writing and the written consents are filed with the
records of the meetings of Shareholders. Such consent shall be treated
for all purposes as a vote taken at a meeting of
Shareholders.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE XI</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">Duration;
Termination of Trust;<br>
<u>Amendment; Mergers,
Etc.</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">11.1 <u>Duration</u>.&nbsp;&nbsp;&nbsp;&nbsp;Subject to possible
termination in accordance with the provisions of Section 11.2 hereof,
the Trust created hereby shall have perpetual existence.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">11.2
<u>Termination</u>.&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may be dissolved, only upon
approval of not less than 80% of the Trustees. Upon the
dissolution of the Trust:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:40pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(i) The Trust
shall carry on no business except for the purpose of winding up its
affairs.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:40pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(ii) The Trustees shall
proceed to wind up the affairs of the Trust and all of the powers of
the Trustees under this Declaration shall continue until the affairs of
the Trust shall have been wound up, including the power to fulfill or
discharge the contracts of the Trust, collect its assets, sell, convey,
assign, exchange, merge where the Trust is not the survivor, transfer
or otherwise dispose of all or any part of the remaining Trust Property
to one or more Persons at public or private sale for consideration
which may consist in whole or in part in cash, securities or other
property of any kind, discharge or pay its liabilities, and do all
other acts appropriate to liquidate its business; provided that any
sale, conveyance, assignment, exchange, merger in which the Trust is
not the survivor, transfer or other disposition of all or substantially
all the Trust Property of the Trust shall require approval of the
principal terms of the transaction and the nature and amount of the
consideration by Shareholders with the same vote as required to
open-end the Trust.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:40pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(iii) After paying
or adequately providing for the payment of all liabilities, and upon
receipt of such releases, indemnities and refunding agreements, as they
deem necessary for their protection, the Trustees may distribute the
remaining Trust Property, in cash or in kind or partly each, among the
Shareholders according to their respective rights.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b) After the
winding up and termination of the Trust and distribution to the
Shareholders as herein provided, a majority of the Trustees shall
execute and lodge among the records of the Trust an </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">14</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
instrument in writing setting forth the fact
of such termination and shall execute and file a certificate of
cancellation with the Secretary of State of the State of Delaware. Upon
termination of the Trust, the Trustees shall thereupon be discharged
from all further liabilities and duties hereunder, and the rights and
interests of all Shareholders shall thereupon cease.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">11.3
<u>Amendment Procedure</u>.&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in subsection
(b) of this Section 11.3, this Declaration may be amended, after a
majority of the Trustees have approved a resolution therefor, by the
affirmative vote required by Section 10.4 of this Declaration. The
Trustees also may amend this Declaration without any vote of
Shareholders of any class or series to divide the Shares of the Trust
into one or more classes or additional classes, or one or more series
of any such class or classes, to determine the rights, powers,
preferences, limitations and restrictions of any class or series of
Shares, to change the name of the Trust or any class or series of
Shares, to make any change that does not adversely affect the relative
rights or preferences of any Shareholder, as they may deem necessary,
or to conform this Declaration to the requirements of the 1940 Act or
any other applicable federal laws or regulations including pursuant to
Section 6.2 or the requirements of the regulated investment company
provisions of the Code, but the Trustees shall not be liable for
failing to do so.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b) No amendment may be made to Section 2.1,
Section 2.2, Section 2.3, Section 3.9, Section 5.1, Section 5.2,
Section 11.2(a), this Section 11.3, Section 11.4, Section 11.6 or
Section 11.7 of this Declaration and no amendment may be made to this
Declaration which would change any rights with respect to any Shares of
the Trust by reducing the amount payable thereon upon liquidation of
the Trust or by diminishing or eliminating any voting rights pertaining
thereto (except that this provision shall not limit the ability of the
Trustees to authorize, and to cause the Trust to issue, other
securities pursuant to Section 6.2), except after a majority of the
Trustees have approved a resolution therefor, by the affirmative vote
of the holders of not less than seventy-five percent (75%) of
the Shares of each affected class or series outstanding, voting as
separate classes or series, unless such amendment has been approved by
80% of the Trustees, in which case approval by a Majority
Shareholder Vote shall be required. Nothing contained in this
Declaration shall permit the amendment of this Declaration to impair
the exemption from personal liability of the Shareholders, Trustees,
officers, employees and agents of the Trust or to permit assessments
upon Shareholders.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(c) An amendment duly adopted by the requisite
vote of the Board of Trustees and, if required, the Shareholders as
aforesaid, shall become effective at the time of such adoption or at
such other time as may be designated by the Board of Trustees or
Shareholders, as the case may be. A certification in recordable form
signed by a majority of the Trustees setting forth an amendment and
reciting that it was duly adopted by the Trustees and, if required, the
Shareholders as aforesaid, or a copy of the Declaration, as amended, in
recordable form, and executed by a majority of the Trustees, shall be
conclusive evidence of such amendment when lodged among the records of
the Trust or at such other time designated by the
Board.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">Notwithstanding any other provision hereof, until such
time as a Registration Statement under the Securities Act of 1933, as
amended, covering the first public offering of Shares of the Trust
shall have become effective, this Declaration may be terminated or
amended in any respect by the affirmative vote of a majority of the
Trustees or by an instrument signed by a majority of the
Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">11.4 <u>Merger, Consolidation and Sale of
Assets</u>.&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section 11.7, the Trust may
merge or consolidate with any other corporation, association, trust or
other organization or may sell, lease or exchange all or substantially
all of the Trust Property or the property, including its good will,
upon such terms and conditions and for such consideration when and as
authorized by two-thirds of the Trustees and approved by a Majority
Shareholder Vote and any such merger, consolidation, sale, lease or
exchange shall be determined for all purposes to have been accomplished
under and pursuant to the statutes of the State of Delaware.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">11.5
<u>Subsidiaries</u>.&nbsp;&nbsp;&nbsp;&nbsp;Without approval by Shareholders, the
Trustees may cause to be organized or assist in organizing one or more
corporations, trusts, partnerships, associations or other organizations
to take over all of the Trust Property or to carry on any business in
which the Trust shall directly or indirectly have any interest, and to
sell, convey and transfer all or a portion of the Trust Property to any
such corporation, trust, limited liability company, association or
organization in exchange for the </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">15</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
shares or securities thereof, or otherwise,
and to lend money to, subscribe for the shares or securities of, and
enter into any contracts with any such corporation, trust, limited
liability company, partnership, association or organization, or any
corporation, partnership, trust, limited liability company, association
or organization in which the Trust holds or is about to acquire shares
or any other interests.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">11.6
<u>Conversion</u>.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions of this
Declaration or the By-Laws of the Trust, a favorable vote of a majority
of the Trustees then in office followed by the favorable vote of the
holders of not less than seventy-five percent (75%) of the
Shares of each affected class or series outstanding, voting as separate
classes or series, shall be required to approve, adopt or authorize an
amendment to this Declaration that makes the Shares a
"redeemable security" as that term is defined
in the 1940 Act, unless such amendment has been approved by 80%
of the Trustees, in which case approval by a Majority Shareholder Vote
shall be required. Upon the adoption of a proposal to convert the Trust
from a "closed-end company" to an
"open-end company" as those terms are defined
by the 1940 Act and the necessary amendments to this Declaration to
permit such a conversion of the Trust's outstanding Shares
entitled to vote, the Trust shall, upon complying with any requirements
of the 1940 Act and state law, become an
"open-end" investment company. Such
affirmative vote or consent shall be in addition to the vote or consent
of the holders of the Shares otherwise required by law, or any
agreement between the Trust and any national securities
exchange.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">11.7 <u>Certain Transactions</u>.&nbsp;&nbsp;&nbsp;&nbsp;(a)
Notwithstanding any other provision of this Declaration and subject to
the exceptions provided in paragraph (d) of this Section, the types of
transactions described in paragraph (c) of this Section shall require
the affirmative vote or consent of a majority of the Trustees then in
office followed by the affirmative vote of the holders of not less than
seventy-five percent (75%) of the Shares of each affected class
or series outstanding, voting as separate classes or series, when a
Principal Shareholder (as defined in paragraph (b) of this Section) is
a party to the transaction. Such affirmative vote or consent shall be
in addition to the vote or consent of the holders of Shares otherwise
required by law or by the terms of any class or series of preferred
stock, whether now or hereafter authorized, or any agreement between
the Trust and any national securities exchange.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b) The term
"Principal Shareholder" shall mean any
corporation, Person or other entity which is the beneficial owner,
directly or indirectly, of five percent (5%) or more of the
outstanding Shares of all outstanding classes or series and shall
include any affiliate or associate, as such terms are defined in clause
(ii) below, of a Principal Shareholder. For the purposes of this
Section, in addition to the Shares which a corporation, Person or other
entity beneficially owns directly, (a) any corporation, Person or other
entity shall be deemed to be the beneficial owner of any Shares (i)
which it has the right to acquire pursuant to any agreement or upon
exercise of conversion rights or warrants, or otherwise (but excluding
share options granted by the Trust) or (ii) which are beneficially
owned, directly or indirectly (including Shares deemed owned through
application of clause (i) above), by any other corporation, Person or
entity with which its "affiliate" or
"associate" (as defined below) has any
agreement, arrangement or understanding for the purpose of acquiring,
holding, voting or disposing of Shares, or which is its
"affiliate" or
"associate" as those terms are defined in
Rule 12b-2 of the General Rules and Regulations under the Securities
Exchange Act of 1934, and (b) the outstanding Shares shall include
Shares deemed owned through application of clauses (i) and (ii) above
but shall not include any other Shares which may be issuable pursuant
to any agreement, or upon exercise of conversion rights or warrants, or
otherwise.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(c) This Section shall apply to the following
transactions:</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(i) The merger or consolidation
of the Trust or any subsidiary of the Trust with or into any Principal
Shareholder.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(ii) The issuance of any
securities of the Trust to any Principal Shareholder for cash (other
than pursuant to any automatic dividend reinvestment
plan).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(iii) The sale, lease or exchange of all
or any substantial part of the assets of the Trust to any Principal
Shareholder (except assets having an aggregate fair market value of
less than 2% of the </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">16</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
total assets of the Trust, aggregating for
the purpose of such computation all assets sold, leased or exchanged in
any series of similar transactions within a twelve-month
period.)</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(iv) The sale, lease or exchange to
the Trust or any subsidiary thereof, in exchange for securities of the
Trust, of any assets of any Principal Shareholder (except assets having
an aggregate fair market value of less than 2% of the total
assets of the Trust, aggregating for the purposes of such computation
all assets sold, leased or exchanged in any series of similar
transactions within a twelve-month period).</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(d) The provisions of
this Section shall not be applicable to (i) any of the transactions
described in paragraph (c) of this Section if 80% of the
Trustees shall by resolution have approved a memorandum of
understanding with such Principal Shareholder with respect to and
substantially consistent with such transaction, in which case approval
by a Majority Shareholder Vote shall be the only vote of Shareholders
required by this Section, or (ii) any such transaction with any entity
of which a majority of the outstanding shares of all classes and series
of a stock normally entitled to vote in elections of directors is owned
of record or beneficially by the Trust and its subsidiaries.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(e)
The Board of Trustees shall have the power and duty to determine for
the purposes of this Section on the basis of information known to the
Trust whether (i) a corporation, person or entity beneficially owns
five percent (5%) or more of the outstanding Shares of any class
or series, (ii) a corporation, person or entity is an
"affiliate" or
"associate" (as defined above) of another,
(iii) the assets being acquired or leased to or by the Trust or any
subsidiary thereof constitute a substantial part of the assets of the
Trust and have an aggregate fair market value of less than 2% of
the total assets of the Trust, and (iv) the memorandum of understanding
referred to in paragraph (d) hereof is substantially consistent with
the transaction covered thereby. Any such determination shall be
conclusive and binding for all purposes of this
Section.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal">ARTICLE XII</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="font-weight: normal; font-style: normal"><u>Miscellaneous</u></font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">12.1 <u>Filing</u>.&nbsp;&nbsp;&nbsp;&nbsp;(a)
This Declaration and any amendment or supplement hereto shall be filed
in such places as may be required or as the Trustees deem appropriate.
Each amendment or supplement shall be accompanied by a certificate
signed and acknowledged by a Trustee stating that such action was duly
taken in a manner provided herein, and shall, upon insertion in the
Trust's minute book, be conclusive evidence of all amendments
contained therein. A restated Declaration, containing the original
Declaration and all amendments and supplements theretofore made, may be
executed from time to time by a majority of the Trustees and shall,
upon insertion in the Trust's minute book, be conclusive evidence
of all amendments and supplements contained therein and may thereafter
be referred to in lieu of the original Declaration and the various
amendments and supplements thereto.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b) The Trustees hereby
authorize and direct a Certificate of Trust, in the form attached
hereto as Exhibit A, to be executed and filed with the Office of the
Secretary of State of the State of Delaware in accordance with the
Delaware Statutory Trust Act.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">12.2 <u>Resident
Agent</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall maintain a resident agent in the State
of Delaware, which agent shall initially be The Corporation Trust
Company, 1209 Orange Street, Wilmington, Delaware 19801 The Trustees
may designate a successor resident agent, provided, however, that such
appointment shall not become effective until written notice thereof is
delivered to the office of the Secretary of the State.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">12.3
<u>Governing Law</u>.&nbsp;&nbsp;&nbsp;&nbsp;This Declaration is executed by the
Trustees and delivered in the State of Delaware and with reference to
the laws thereof, and the rights of all parties and the validity and
construction of every provision hereof shall be subject to and
construed according to laws of said State and reference shall be
specifically made to the Delaware General Corporation Law as to the
construction of matters not specifically covered herein or as to which
an ambiguity exists, although such law shall not be viewed as limiting
the powers otherwise granted to the Trustees hereunder and any
ambiguity shall be viewed in favor of such powers.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">17</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">12.4 <u>Counterparts</u>.&nbsp;&nbsp;&nbsp;&nbsp;This
Declaration may be simultaneously executed in several counterparts,
each of which shall be deemed to be an original, and such counterparts,
together, shall constitute one and the same instrument, which shall be
sufficiently evidenced by any such original counterpart.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">12.5
<u>Reliance by Third Parties</u>.&nbsp;&nbsp;&nbsp;&nbsp;Any certificate executed by an
individual who, according to the records of the Trust, or of any
recording office in which this Declaration may be recorded, appears to
be a Trustee hereunder, certifying to: (a) the number or identity of
Trustees or Shareholders, (b) the name of the Trust, (c) the due
authorization of the execution of any instrument or writing, (d) the
form of any vote passed at a meeting of Trustees or Shareholders, (e)
the fact that the number of Trustees or Shareholders present at any
meeting or executing any written instrument satisfies the requirements
of this Declaration, (f) the form of any By Laws adopted by or the
identity of any officers elected by the Trustees, or (g) the existence
of any fact or facts which in any manner relate to the affairs of the
Trust, shall be conclusive evidence as to the matters so certified in
favor of any person dealing with the Trustees and their
successors.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">12.6 <u>Provisions in Conflict with Law or
Regulation</u>.&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration are
severable, and if the Trustees shall determine, with the advice of
counsel, that any of such provisions is in conflict with the 1940 Act,
the regulated investment company provisions of the Internal Revenue
Code or with other applicable laws and regulations, the conflicting
provision shall be deemed never to have constituted a part of this
Declaration; provided, however, that such determination shall not
affect any of the remaining provisions of this Declaration or render
invalid or improper any action taken or omitted prior to such
determination.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">(b) If any provision of this Declaration shall be
held invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall attach only to such provision in such
jurisdiction and shall not in any manner affect such provision in any
other jurisdiction or any other provision of this Declaration in any
jurisdiction.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">IN WITNESS WHEREOF, the undersigned has caused
these presents to be executed as of the day and year first above
written.</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="285"></td>
<td><img src="spacer.gif" height="1" width="30"></td>
<td><img src="spacer.gif" height="1" width="286"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 216pt"></td>
<td align="right" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-left: 0pt; text-align: left;  font-style: normal; width: 23pt">By:&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top:6pt; padding-bottom: 6pt; text-align: left; font-style: normal; width: 217pt"><u>&nbsp;&nbsp;&nbsp;/s/ Anne F.
Ackerley</u>
<br> Anne F. Ackerley<br>Sole
Trustee</td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">18</p>
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<hr width="760" style="padding-left: 0pt;" align="left">
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</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>7
<FILENAME>file003.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAWS
<TEXT>
<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 120pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">BLACKROCK
LONG-TERM MUNICIPAL ADVANTAGE TRUST</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 456pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 60pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">AMENDED
AND RESTATED<br>BY-LAWS</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 456pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 180pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">Dated as of
November  22,  2005</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">TABLE OF
CONTENTS</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px" align="left">
<div style="padding:0;margin:0;text-align:center;">

<table style="border-top:none; border-bottom:none; border-left:none; border-right:none;" cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="422"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="28"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="5"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">Page</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 1px solid #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 8pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 8pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ARTICLE
I &ndash; Shareholder
Meetings</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">1</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">1.1&nbsp;&nbsp;&nbsp;&nbsp;Chairman</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">1.2&nbsp;&nbsp;&nbsp;&nbsp;Proxies;
Voting</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">1</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">1.3&nbsp;&nbsp;&nbsp;&nbsp;Fixing Record
Dates</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">1.4&nbsp;&nbsp;&nbsp;&nbsp;Inspectors of
Election</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">1</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">1.5&nbsp;&nbsp;&nbsp;&nbsp;Records at Shareholder
Meetings</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">1</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ARTICLE
II &ndash; Trustees</font></td>
<td style="padding-top: 16pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">2</font></td>
<td style="padding-top: 16pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 16pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 16pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 16pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">2.1&nbsp;&nbsp;&nbsp;&nbsp;Annual and
Regular Meetings </font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">2.2&nbsp;&nbsp;&nbsp;&nbsp;Chairman;
Records</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">2</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">ARTICLE
III &ndash; Officers</font></td>
<td style="padding-top: 16pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">2</font></td>
<td style="padding-top: 16pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 16pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 16pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 16pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3.1&nbsp;&nbsp;&nbsp;&nbsp;Officers of
the Trust </font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">2</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3.2&nbsp;&nbsp;&nbsp;&nbsp;Election and
Tenure</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3.3&nbsp;&nbsp;&nbsp;&nbsp;Removal of
Officers</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">2</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3.4&nbsp;&nbsp;&nbsp;&nbsp;Bonds and
Surety</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">2</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3.5&nbsp;&nbsp;&nbsp;&nbsp;President and Vice
Presidents
</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">2</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3.6&nbsp;&nbsp;&nbsp;&nbsp;Secretary</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3.7&nbsp;&nbsp;&nbsp;&nbsp;Treasurer</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3.8&nbsp;&nbsp;&nbsp;&nbsp;Other
Officers and
Duties</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ARTICLE
IV &ndash;
Miscellaneous</font></td>
<td style="padding-top: 16pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3</font></td>
<td style="padding-top: 16pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 16pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 16pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 16pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4.1&nbsp;&nbsp;&nbsp;&nbsp;Depositories</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">4.2&nbsp;&nbsp;&nbsp;&nbsp;Signatures</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">3</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4.3&nbsp;&nbsp;&nbsp;&nbsp;Seal</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">3</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ARTICLE
V &ndash; Stock
Transfers</font></td>
<td style="padding-top: 16pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">4</font></td>
<td style="padding-top: 16pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 16pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 16pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 16pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">5.1&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agents,
Registrars and the Like </font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">5.2&nbsp;&nbsp;&nbsp;&nbsp;Transfer
of Shares</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">4</font></td>
<td style="padding-top: 0pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">5.3&nbsp;&nbsp;&nbsp;&nbsp;Registered
Shareholders</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #cceeff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">ARTICLE
VI &ndash; Amendment of Amended and Restated By-Laws
</font></td>
<td style="padding-top: 16pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 16pt; background-color: #cceeff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">4</font></td>
<td style="padding-top: 16pt;background-color: #cceeff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 16pt; background-color: #cceeff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 16pt;background-color: #cceeff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #cceeff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 16pt ;background-color: #cceeff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #cceeff;">&nbsp;</font></td>
</tr>
<tr>
<td style="font-size: 10pt; color: #000000; border-bottom: 3px double #ffffff;padding-left: 10pt; text-indent: -10pt;padding-top: 0pt; background-color: #ffffff;" align="left" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">6.1&nbsp;&nbsp;&nbsp;&nbsp;Amendment and Repeal of
Amended and Restated
By-Laws</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;" align="center" valign="bottom" colspan="3"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">4</font></td>
<td style="padding-top: 0pt;background-color: #ffffff; border-bottom: 3px double #ffffff;"><img src="spacer.gif" height="1" width="2"></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff;padding-top: 0pt; background-color: #ffffff;" align="right" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-left: 0pt; text-indent: 0pt;  padding-top: 0pt;background-color: #ffffff;" align="right" valign="bottom" colspan="1" nowrap="nowrap"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal; background-color: #ffffff;">&nbsp;</font></td>
<td style="font-size: 10pt; color: #000000; border-bottom:  3px double #ffffff; padding-top: 0pt ;background-color: #ffffff;white-space:nowrap;" align="left" valign="bottom"><font style="font-family: serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;">&nbsp;</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>

</div>
</div>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">i</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">BLACKROCK
LONG-TERM MUNICIPAL ADVANTAGE TRUST<br>AMENDED AND RESTATED
BY-LAWS</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">These Amended and Restated By-Laws are made and adopted
pursuant to Section 3.9 of the Amended and Restated Agreement and
Declaration of Trust establishing BlackRock Long-Term Municipal
Advantage Trust dated as of November  22,  2005, as from
time to time amended (hereinafter called the
"Declaration"). All words and terms
capitalized in these Amended and Restated By-Laws shall have the
meaning or meanings set forth for such words or terms in the
Declaration.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ARTICLE I</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Shareholder
Meetings</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Chairman</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Chairman, if any,
shall act as chairman at all meetings of the Shareholders; in the
Chairman's absence, the Trustee or Trustees present at each
meeting may elect a temporary chairman for the meeting, who may be one
of themselves.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Proxies;
Voting</u>.&nbsp;&nbsp;&nbsp;&nbsp;Shareholders may vote either in person or by duly
executed proxy and each full share represented at the meeting shall
have one vote, all as provided in Article 10 of the
Declaration.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">1.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Fixing Record Dates</u>.&nbsp;&nbsp;&nbsp;&nbsp;For the
purpose of determining the Shareholders who are entitled to notice of
or to vote or act at any meeting, including any adjournment thereof, or
who are entitled to participate in any dividends, or for any other
proper purpose, the Trustees may from time to time, without closing the
transfer books, fix a record date in the manner provided in Section
10.3 of the Declaration. If the Trustees do not prior to any meeting of
Shareholders so fix a record date or close the transfer books, then the
date of mailing notice of the meeting or the date upon which the
dividend resolution is adopted, as the case may be, shall be the record
date.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">1.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Inspectors of Election</u>.&nbsp;&nbsp;&nbsp;&nbsp;In advance
of any meeting of Shareholders, the Trustees may appoint Inspectors of
Election to act at the meeting or any adjournment thereof. If
Inspectors of Election are not so appointed, the Chairman, if any, of
any meeting of Shareholders may, and on the request of any Shareholder
or Shareholder proxy shall, appoint Inspectors of Election of the
meeting. The number of Inspectors of Election shall be either one or
three. If appointed at the meeting on the request of one or more
Shareholders or proxies, a majority of Shares present shall determine
whether one or three Inspectors of Election are to be appointed, but
failure to allow such determination by the Shareholders shall not
affect the validity of the appointment of Inspectors of Election. In
case any person appointed as Inspector of Election fails to appear or
fails or refuses to act, the vacancy may be filled by appointment made
by the Trustees in advance of the convening of the meeting or at the
meeting by the person acting as chairman. The Inspectors of Election
shall determine the number of Shares outstanding, the Shares
represented at the meeting, the existence of a quorum, the
authenticity, validity and effect of proxies, shall receive votes,
ballots or consents, shall hear and determine all challenges and
questions in any way arising in connection with the right to vote,
shall count and tabulate all votes or consents, determine the results,
and do such other acts as may be proper to conduct the election or vote
with fairness to all Shareholders. If there are three Inspectors of
Election, the decision, act or certificate of a majority is effective
in all respects as the decision, act or certificate of all. On request
of the Chairman, if any, of the meeting, or of any Shareholder or
Shareholder proxy, the Inspectors of Election shall make a report in
writing of any challenge or question or matter determined by them and
shall execute a certificate of any facts found by
them.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">1.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Records at Shareholder Meetings</u>.&nbsp;&nbsp;&nbsp;&nbsp;At
each meeting of the Shareholders, there shall be made available for
inspection at a convenient time and place during normal business hours,
if requested by Shareholders, the minutes of the last previous Annual
or Special Meeting of Shareholders of the Trust and a list of the
Shareholders of the Trust, as of the record date of the meeting or the
date of closing of transfer books, as the case may be. Such list of
Shareholders shall contain the name and the address of each Shareholder
in alphabetical order and the number of Shares owned by such
Shareholder. Shareholders shall have such other rights and procedures
of inspection of the books and records of the Trust as are granted to
shareholders of a Delaware business corporation.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">1</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ARTICLE II</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Trustees</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual and Regular
Meetings</u>.&nbsp;&nbsp;&nbsp;&nbsp;Meetings of the Trustees shall be held from time to
time upon the call of the Chairman, if any, the President, the
Secretary or any two Trustees. Regular meetings of the Trustees may be
held without call or notice and shall generally be held quarterly.
Neither the business to be transacted at, nor the purpose of, any
meeting of the Board of Trustees need be stated in the notice or waiver
of notice of such meeting, and no notice need be given of action
proposed to be taken by unanimous written
consent.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Chairman; Records</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Chairman,
if any, shall act as chairman at all meetings of the Trustees; in
absence of a chairman, the Trustees present shall elect one of their
number to act as temporary chairman. The results of all actions taken
at a meeting of the Trustees, or by unanimous written consent of the
Trustees, shall be recorded by the person appointed by the Board of
Trustees as the meeting secretary.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ARTICLE III</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Officers</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Officers of the Trust</u>.&nbsp;&nbsp;&nbsp;&nbsp;The
officers of the Trust shall consist of a President, a Secretary, a
Treasurer and such other officers or assistant officers as may be
elected or authorized by the Trustees. Any two or more of the offices
may be held by the same Person, except that the same person may not be
both President and Secretary. No other officer of the Trust need be a
Trustee.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Election and Tenure</u>.&nbsp;&nbsp;&nbsp;&nbsp;At the
initial organization meeting, the Trustees shall elect the Chairman, if
any, President, Secretary, Treasurer and such other officers as the
Trustees shall deem necessary or appropriate in order to carry out the
business of the Trust. Such officers shall serve at the pleasure of the
Trustees or until their successors have been duly elected and
qualified. The Trustees may fill any vacancy in office or add any
additional officers at any time.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal of
Officers</u>.&nbsp;&nbsp;&nbsp;&nbsp;Any officer may be removed at any time, with or
without cause, by action of a majority of the Trustees. This provision
shall not prevent the making of a contract of employment for a definite
term with any officer and shall have no effect upon any cause of action
which any officer may have as a result of removal in breach of a
contract of employment. Any officer may resign at any time by notice in
writing signed by such officer and delivered or mailed to the Chairman,
if any, President, or Secretary, and such resignation shall take effect
immediately upon receipt by the Chairman, if any, President, or
Secretary, or at a later date according to the terms of such notice in
writing.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Bonds and Surety</u>.&nbsp;&nbsp;&nbsp;&nbsp;Any officer may
be required by the Trustees to be bonded for the faithful performance
of such officer's duties in such amount and with such sureties as
the Trustees may determine.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>President and Vice
Presidents</u>.&nbsp;&nbsp;&nbsp;&nbsp;The President shall be the chief executive
officer of the Trust and, subject to the control of the Trustees, shall
have general supervision, direction and control of the business of the
Trust and of its employees and shall exercise such general powers of
management as are usually vested in the office of President of a
corporation. Subject to direction of the Trustees, the President shall
each have power in the name and on behalf of the Trust to execute any
and all loans, documents, contracts, agreements, deeds, mortgages,
registration statements, applications, requests, filings and other
instruments in writing, and to employ and discharge employees and
agents of the Trust. Unless otherwise directed by the Trustees, the
President shall have full authority and power, on behalf of all of the
Trustees, to attend and to act and to vote, on behalf of the Trust at
any meetings of business organizations in which the Trust holds an
interest, or to confer such powers upon any other persons, by executing
any proxies duly authorizing such persons. The President shall have
such further authorities and duties as the Trustees shall from time to
time determine. In the absence or disability of the President, the
Vice-Presidents in order of their rank as </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: pt; background-color: #ffffff">
fixed by the Trustees or, if more than one and
not ranked, the Vice-President designated by the Trustees, shall
perform all of the duties of the President, and when so acting shall
have all the powers of and be subject to all of the restrictions upon
the President. Subject to the direction of the Trustees, and of the
President, each Vice-President shall have the power in the name and on
behalf of the Trust to execute any and all instruments in writing, and,
in addition, shall have such other duties and powers as shall be
designated from time to time by the Trustees or by the
President.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Secretary</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Secretary shall
maintain the minutes of all meetings of, and record all votes of,
Shareholders, Trustees and the Executive Committee, if any. The
Secretary shall be custodian of the seal of the Trust, if any, and the
Secretary (and any other person so authorized by the Trustees) shall
affix the seal, or if permitted, facsimile thereof, to any instrument
executed by the Trust which would be sealed by a Delaware business
corporation executing the same or a similar instrument and shall attest
the seal and the signature or signatures of the officer or officers
executing such instrument on behalf of the Trust. The Secretary shall
also perform any other duties commonly incident to such office in a
Delaware business corporation, and shall have such other authorities
and duties as the Trustees shall from time to time
determine.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Treasurer</u>.&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise
directed by the Trustees, the Treasurer shall have the general
supervision of the monies, funds, securities, notes receivable and
other valuable papers and documents of the Trust, and shall have and
exercise under the supervision of the Trustees and of the President all
powers and duties normally incident to the office. The Treasurer may
endorse for deposit or collection all notes, checks and other
instruments payable to the Trust or to its order. The Treasurer shall
deposit all funds of the Trust in such depositories as the Trustees
shall designate. The Treasurer shall be responsible for such
disbursement of the funds of the Trust as may be ordered by the
Trustees or the President. The Treasurer shall keep accurate account of
the books of the Trust's transactions which shall be the property
of the Trust, and which together with all other property of the Trust
in the Treasurer's possession, shall be subject at all times to
the inspection and control of the Trustees. Unless the Trustees shall
otherwise determine, the Treasurer shall be the principal accounting
officer of the Trust and shall also be the principal financial officer
of the Trust. The Treasurer shall have such other duties and
authorities as the Trustees shall from time to time determine.
Notwithstanding anything to the contrary herein contained, the Trustees
may authorize any adviser, administrator, manager or transfer agent to
maintain bank accounts and deposit and disburse funds of any series of
the Trust on behalf of such series.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Officers
and Duties</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trustees may elect such other officers and
assistant officers as they shall from time to time determine to be
necessary or desirable in order to conduct the business of the Trust.
Assistant officers shall act generally in the absence of the officer
whom they assist and shall assist that officer in the duties of the
office. Each officer, employee and agent of the Trust shall have such
other duties and authority as may be conferred upon such person by the
Trustees or delegated to such person by the President.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ARTICLE
IV</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Miscellaneous</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Depositories</u>.&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with Section 7.1 of the Declaration, the funds of the Trust
shall be deposited in such custodians as the Trustees shall designate
and shall be drawn out on checks, drafts or other orders signed by such
officer, officers, agent or agents (including the adviser,
administrator or manager), as the Trustees may from time to time
authorize.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">4.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Signatures</u>.&nbsp;&nbsp;&nbsp;&nbsp;All contracts and
other instruments shall be executed on behalf of the Trust by its
properly authorized officers, agent or agents, as provided in the
Declaration or Amended and Restated By-Laws or as the Trustees may from
time to time by resolution
provide.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Seal</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trust is not required
to have any seal, and the adoption or use of a seal shall be purely
ornamental and be of no legal effect. The seal, if any, of the Trust
may be affixed to any instrument, and the seal and its attestation may
be lithographed, engraved or otherwise printed on any </p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">3</p>
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document with the same force and effect as if
it had been imprinted and affixed manually in the same manner and with
the same force and effect as if done by a Delaware business
corporation. The presence or absence of a seal shall have no effect on
the validity, enforceability or binding nature of any document or
instrument that is otherwise duly authorized, executed and
delivered.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ARTICLE V</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Stock
Transfers</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer Agents, Registrars and the
Like</u>.&nbsp;&nbsp;&nbsp;&nbsp;As provided in Section 6.7 of the Declaration, the
Trustees shall have authority to employ and compensate such transfer
agents and registrars with respect to the Shares of the Trust as the
Trustees shall deem necessary or desirable. In addition, the Trustees
shall have power to employ and compensate such dividend disbursing
agents, warrant agents and agents for the reinvestment of dividends as
they shall deem necessary or desirable. Any of such agents shall have
such power and authority as is delegated to any of them by the
Trustees.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Shares</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Shares
of the Trust shall be transferable on the books of the Trust only upon
delivery to the Trustees or a transfer agent of the Trust of proper
documentation as provided in Section 6.8 of the Declaration. The Trust,
or its transfer agents, shall be authorized to refuse any transfer
unless and until presentation of such evidence as may be reasonably
required to show that the requested transfer is
proper.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Registered Shareholders</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Trust
may deem and treat the holder of record of any Shares as the absolute
owner thereof for all purposes and shall not be required to take any
notice of any right or claim of right of any other
person.</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">ARTICLE VI</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">Amendment of Amended and Restated
By-Laws</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment and Repeal of Amended and
Restated By-Laws</u>.&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Section 3.9 of the
Declaration, the Trustees shall have the exclusive power to amend or
repeal the Amended and Restated By-Laws or adopt new By-Laws at any
time. Action by the Trustees with respect to the Amended and Restated
By-Laws shall be taken by an affirmative vote of a majority of the
Trustees. The Trustees shall in no event adopt By-Laws which are in
conflict with the Declaration, and any apparent inconsistency shall be
construed in favor of the related provisions in the
Declaration.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">4</p>
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<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>8
<FILENAME>file004.htm
<DESCRIPTION>INDEPENDENT REGISTERED PAF
<TEXT>
<HTML>
<HEAD>
<TITLE>
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<page>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">We consent to the use in this
Pre-Effective Amendment No. 2 to the Registration Statement of
BlackRock Long-Term Municipal Advantage Trust on Form N-2 (Securities
Act Registration No.  333-129767 and Investment Company Act
Registration No. 811-21835) of our report dated January 6, 2006
relating to the financial statements of BlackRock Long-Term Municipal
Advantage Trust as of January 4, 2006 appearing in the Statement of
Additional Information, which is part of such Registration
Statement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">We also consent to the reference to us under the
heading "Experts" in such Registration
Statement.</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">/s/ DELOITTE &amp; TOUCHE
LLP</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">Boston, Massachusetts<br>January 11,
2006</p>
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